The rebound we’ve all been hoping for is here. While Baldwin REALTORS® Multiple Listing Service (MLS) typically reports from a year-over-year view of the housing market, the more accurate data during this bizarre year is seen when comparing month-over-month statistics. Both average sales prices and the amount of closed sales have increased since May 2020 in the Traditional Residential and the Resort/Island-based areas of Baldwin County. Traditional Residential homes saw a 46% increase in closed sales from May 2020 to June 2020, while the Resort/Island-based market saw a whopping 97% increase between the two months.
In previous monthly housing market reports, provided by Baldwin REALTORS®, it was stated that the Resort/Island-based market of Baldwin County was more negatively impacted by the Coronavirus shutdown. The numbers seen in June 2020 are much more encouraging for this area of our county. Average sales price reports at $426,657, which is a 2.1% increase from May 2020. The average days properties spent on the market has increased from 85 to 98 days, and though this is not as positive, it may be explained by some new buying trends we are seeing at a national level.
REALTOR® Magazine reports that homes that have sat on the market for years are now receiving numerous offers for purchase. This trend derives from the current historically low interest rates making it cheaper to own rather than rent. This reporting is also supported by the number of closed sales in the Resort/Island-based area almost doubling from May 2020, which saw 133 closed sales. June 2020 reports 262 closed sales for this area of our county.
Baldwin County’s Traditional Residential area showed positive reporting with an average sales price of $270,869, which is a 2.4% increase from May 2020. Average days on market for this area of the county holds firm at 64 days for both May and June of this year. This number continues to be significantly lower than 2019’s days on market, indicating homes are quickly being purchased right now. The number of closed sales in the Traditional Residential market for June 2020 was 591, which is a 46% increase from May 2020 and a 25% increase from June 2019.
All in all, the residential real estate industry is showing great signs of rebound. As the cases for Coronavirus continue to rise in Baldwin County, it is a true waiting game to see how this will affect the housing market in the second half of 2020.
Residential MLS Stats by Area:
Residential Properties sold in June 2020: 270
Average Sales Price: $185,580
Average Days on Market: 121
Average Days on Market from June 2019: Increased 44%
Residential Properties sold in June 2020: 174
Average Sales Price: $396,629
Average Days on Market: 86
Average Days on Market Change from June 2019: Increased 6.2%
Residential Properties sold in June 2020: 142
Average Sales Price: $418,925
Average Days on Market: 102
Average Days on Market Change from June 2019: Increased 13.3%
Residential Properties sold in June 2020: 303
Average Sales Price: $309,952
Average Days on Market: 64
Average Days on Market Change from June 2019: Decreased 21%
Residential Properties sold in June 2020: 36
Average Sales Price: $180,707
Average Days on Market: 54
Average Days on Market Change from June 2019: Increased 8%
*Information provided by Baldwin REALTORS®