According to the Baldwin Realtors, October residential sales increased 5.1% year-over-year from 527 to 554 closed transactions. Contrary to seasonal trends, sales increased 8.8% from September. 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: October listings (3,344) decreased 1.2% from September and increased 27.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.0 months, down from 6.7 months in September and up from 5.0 months in October 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The Baldwin County median sales price in October was $349,900, a decrease of 0.1% from one year ago and a decrease of 2.1% from September. 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 October averaged 86 days on the market (DOM), 29 days slower than October 2023.
Forecast: October sales were 52 units, or 8.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 606 sales for the month, while actual sales were 554 units. ACRE forecasts a total of 6,416 home sales in the area year-to-date, while there were 5,700 actual sales through October, a difference of 11.2%.
New Construction: The 118 new homes sold represent 21.3% of all residential sales in October. Total sales increased 7.3% year-over-year. The median sales price for new home sales was $334,597, a decrease of 4.1% from one year ago and an increase of 0.2% from September.
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.
