According to the Baldwin Realtors, November residential sales decreased 15.6% year-over-year (Y/Y) from 495 to 418 closed transactions. Following seasonal trends, sales decreased 20.7% from October. Sales are down 18.4% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: November listings (2,586) decreased 1.1% from October and increased 35.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.2 months, up from 5.0 months in October and up from 3.9 months in November 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The Baldwin County median sales price in November was $350,000, a decrease of 4.5% from one year ago and an increase of 0.0% from October. 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 November averaged 66 days on the market (DOM), 19 days slower than November 2022.
Forecast: November sales were 160 units, or 27.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 578 sales for the month, while actual sales were 418 units. ACRE forecast a total of 7,179 sales in the area year-to-date, while there were 6,527 actual sales through November, a difference of 9.1%.
New Construction: The 119 new homes sold represent 28.5% of all residential sales in November. Total sales decreased 4.0% year-over-year. The median sales price for new home sales was $350,000, a decrease of 4.5% from one year ago and an increase of 0.3% from October.
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.
