According to the Baldwin Realtors, December residential sales decreased 10.6% year-over-year (Y/Y) from 482 to 431 closed transactions. Following seasonal trends, sales increased 3.1% from November. Sales are down 18.0% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: December listings (2,459) decreased 4.9% from November and increased 35.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.7 months, down from 6.2 months in November and up from 3.8 months in December 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 December was $362,416, a decrease of 5.5% from one year ago and an increase of 3.6% from November. 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 December averaged 60 days on the market (DOM), 13 days slower than December 2022.
Forecast: December sales were 169 units, or 28.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 600 sales for the month, while actual sales were 431 units. ACRE forecast a total of 7,779 sales in the area year-to-date, while there were 6,958 actual sales through December, a difference of 10.6%.
New Construction: The 115 new homes sold represent 27.6% of all residential sales in December. Total sales decreased 22.3% year-over-year. The median sales price for new home sales was $362,416, a decrease of 5.5% from one year ago and an increase of 3.5% from November.
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.
