According to the Baldwin Realtors, May residential sales decreased 4.2% year-over-year from 670 to 642 closed transactions. Following seasonal trends, sales increased 10.5% from April. Sales are down 4.8% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: May listings (3,142) decreased 0.8% from April and increased 52.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.9 months, down from 5.5 months in April and up from 3.1 months in May 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 May was $378,000, an increase of 4.2% from one year ago and an increase of 6.7% from April. 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 May averaged 69 days on the market (DOM), 12 days slower than May 2023.
Forecast: May sales were 104 units, or 13.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 746 sales for the month, while actual sales were 642 units. ACRE forecasts a total of 3,016 home sales in the area year-to-date, while there were 2,721 actual sales through May, a difference of 9.8%.
New Construction: The 114 new homes sold represent 17.1% of all residential sales in May. Total sales decreased 32.9% year-over-year. The median sales price for new home sales was $361,166, a decrease of 0.5% from one year ago and an increase of 2.0% from April.
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.
