According to the Baldwin Realtors, October residential sales increased 1% year-over-year (Y/Y) from 522 to 527 closed transactions. Following seasonal trends, sales decreased 15.0% from September. Sales are down 18.6% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: October listings (2,614) increased 6.1% from September and increased 37.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.0 months, up from 4.0 months in September and up from 3.6 months in October 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 October was $349,950, an increase of 3.8% from one year ago and a decrease of 0.8% from September. 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 October averaged 57 days on the market (DOM), 14 days slower than October 2022.
Forecast: October sales were 25 units, or 5.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 451 sales for the month, while actual sales were 426 units. ACRE forecast a total of 6,601 sales in the area year-to-date, while there were 6,109 actual sales through October, a difference of 7.5%.
New Construction: The 110 new homes sold represent 20.9% of all residential sales in October. Total sales decreased 10.6% year-over-year. The median sales price for new home sales was $349,074, an increase of 3.5% from one year ago and an increase of 0.6% from September.
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.
