According to the Baldwin Realtors, July residential sales decreased 10.0% year-over-year (Y/Y) from 683 to 615 closed transactions. Following seasonal trends, sales decreased 22.3% from June. Sales are down 23.2% year-to-date. Two more resources to view: Quarterly Report and Annual Report.
Inventory: July listings (2,164) increased 2.5% from June and increased 20.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 2.7 months in June and up from 2.6 months in July 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is six months of supply.
Pricing: The Baldwin County median sales price in July was $349,950, an increase of 5.7% from one year ago and a decrease of 1.7% from June. 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 July averaged 55 days on the market (DOM), 33 days slower than July 2022.
Forecast: July sales were 142 units, or 18.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 757 sales for the month, while actual sales were 615 units. ACRE forecast a total of 4,552 sales in the area year-to-date, while there were 4,264 actual sales through July, a difference of 6.3%.
New Construction: The 151 new homes sold represent 24.6% of all residential sales in July. Total sales increased 10.2% year-over-year. The median sales price for new home sales was $339,900, a decrease of 4.8% from one year ago and a decrease of 37.9% from June.
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.
