Baldwin County home sales decline in April amid growing COVID-19 impact

Baldwin County home sales decline in April amid growing COVID-19 impact
The Baldwin County median home sales price in April was $252,710, an increase of 4.4% from one year ago. (iStock)

Sales: According to the Baldwin Realtors, April residential sales decreased 22.8% year-over-year from 657 to 507 closed transactions. The declining sales activity does include condo sales, which were down 51.8% in April. Area sales also went against seasonal trends as they decreased 27.1% from March. Sales are now up 3.6% year-to-date, but are likely to moderate amid the growing economic impact of the COVID-19 pandemic. 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 April declined 12.7% year-over-year from 2,948 to 2,575 listings. Months of supply (inventory to sales ratio) increased from 4.5 months to 5.1, reflecting a seller’s market in the area.

Pricing: The Baldwin County median sales price in April was $252,710, an increase of 4.4% from one year ago and a decrease of 10.9% from March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in April averaged 87 days on the market (DOM), selling three days faster than in April 2019.

Forecast: April sales were 247 units, or 32.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 754 sales for the month, while actual sales were 507 units. ACRE forecast a total of 2,557 residential sales in the year to date, while there were 2,194 actual sales through April, a difference of 14.2%.

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 April 1-30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.

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