Sales: According to the Baldwin Realtors, May residential sales decreased 25% year-over-year from 732 to 549 closed transactions. The declining sales activity includes condo sales, which were down 45.4% in May. Following seasonal trends, sales increased 8.3% from April. Sales are down 3.7% year-to-date and are likely to decline in the coming months amid the growing economic impact of COVID-19. Two more resources to view: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: Total homes listed for sale in May declined 20.3% year-over-year from 2,974 to 2,371 listings. Months of supply (inventory to sales ratio) increased from 4.1 months to 4.3, reflecting a market where sellers generally have increased bargaining power.
Pricing: The Baldwin County median sales price in May was $246,650, a decrease of 3.1% from one year ago and a decrease of 2.4% 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 72 days on the market (DOM), selling six days faster than those sold in May 2019.
Forecast: May sales were 295 units, or 35%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 844 sales for the month, while actual sales were 549 units. ACRE forecast a total of 3,401 residential sales year-to-date, while there were 2,743 actual sales through May, a difference of 19.4%.
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.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period May 1-31. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.