ACRE Media
April 18, 2023
Sales: According to the Baldwin Realtors, March residential sales decreased 31.3% year-over-year (Y/Y) from 985 to 677 closed transactions. Following seasonal trends, sales increased 34.6% from February. Sales are down 33.8% year-to-date. Two more resources to view: Quarterly Report and Annual Report. For all of Baldwin County’s housing data, click here. Inventory: March listings (1,871) increased 5.7% from February and increased 120.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 3.5 months in February and up from 0.9 months in March 2022. 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 March was $365,000, an increase of 4.3% from one year ago and an increase of 2.4% from February. 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 March averaged 66 days on the market (DOM), 21 days slower than March 2022. Forecast: March sales were 21 units, or 3.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 698 sales for the month, while actual sales were 677 units. ACRE forecast a total of 1,670 sales in the area year-to-date, while there were 1,606 actual sales through March, a difference of 3.8%. New Construction: The 222 new homes sold represent 32.8% of all residential sales in March. Total sales increased 0.9% year-over-year. The median sales price for new home sales was $365,000, an increase of 15.1% from one year ago and an increase of 2.4% from February. 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.
SOURCE: Baldwin Realtors