According to the Baldwin Realtors, August residential sales decreased 15.5% year-over-year from 698 to 590 closed transactions. Following seasonal trends, sales decreased 9.4% from July. Sales are down 6.5% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: August listings (3,255) increased 1.0% from July and increased 43.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.5 months, up from 5.0 months in July and up from 3.3 months in August 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 August was $362,450, an increase of 3.6% from one year ago and an increase of 1.4% from July. 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 August averaged 77 days on the market (DOM), 16 days slower than August 2023.
Forecast: August sales were 134 units, or 18.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 724 sales for the month, while actual sales were 590 units. ACRE forecasts a total of 5,218 home sales in the area year-to-date, while there were 4,637 actual sales through August, a difference of 11.1%.
New Construction: The 141 new homes sold represent 23.9% of all residential sales in August. Total sales decreased 16.6% year-over-year. The median sales price for new home sales was $337,308, a decrease of 2.3% from one year ago and a decrease of 0.3% from July.
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.
