According to the Baldwin Realtors, September residential sales decreased 11.4% year-over-year (Y/Y) from 700 to 620 closed transactions. Following seasonal trends, sales decreased 11.2% from August. Sales are down 13.2% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: September listings (2,463) increased 8.4% from August and increased 34.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, up from 3.3 months in August and up from 2.6 months in September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Baldwin County median sales price in September was $347,097, an increase of 2.2% from one year ago and a decrease of 0.8% from August. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in September averaged 56 days on the market (DOM), 33 days slower than September 2022.
Forecast: September sales were 20 units, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 640 sales for the month, while actual sales were 620 units. ACRE forecast a total of 5,964 sales in the area year-to-date, while there were 5,582 actual sales through September, a difference of 6.4%.
New Construction: The 188 new homes sold represent 30.3% of all residential sales in September. Total sales decreased 8.3% year-over-year. The median sales price for new home sales was $347,097, an increase of 2.2% from one year ago and an increase of 0.6% from August.
Click here to view the entire monthly report.
The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.
