Baldwin County home sales down 8% year-over-year in March

According to the Baldwin Realtors, March residential sales decreased 8.1% year-over-year from 677 to 622 closed transactions. Following seasonal trends, sales increased 37.9% from February. Sales are down 6.7% year-to-date. Two more resources to view: Quarterly Report and Annual Report.

For all of Baldwin County’s housing data, click here.

Inventory: March listings (3,132) increased 9.9% from February and increased 67.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.0 months, down from 6.3 months in February and up from 2.8 months in March 2023. 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 March was $344,900, a decrease of 5.5% from one year ago and a decrease of 5.0% from February. 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 March averaged 71 days on the market (DOM), 5 days slower than March 2023.

Forecast: March sales were 77 units, or 11.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 699 sales for the month, while actual sales were 622 units. ACRE forecast a total of 1609 home sales in the area year-to-date, while there were 1498 actual sales through March, a difference of 6.9%.

New Construction: The 198 new homes sold represent 31.8% of all residential sales in March. Total sales decreased 10.8% year-over-year. The median sales price for new home sales was $344,900, a decrease of 5.5% from one year ago and a decrease of 5.0% from February. 

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.