by Super Admin
on Monday, May 19th, 2014 at 11:10am.
Thanks to our friends at The University of South Alabama we have access to great market data for Baldwin County Real Estate. So let's see what the month of April was like and how it may help us determine what to expect in our local market.
Total Sales: There were 376 units sold in April (units = houses and condos). Last April there were 402 units sold.This is a normal range for the month of April. Our of these 376 units 32 were newly constructed and 131 were condos. Our biggest April in 2004 there were 574 units sold.
Average Sales price: The average selling price in Baldwin County for April 2014 was $2257,333. This represents a 10.3% increase from April of 2013. Condos in Baldwin County averaged $333,679 while single family homes in Baldwin County averaged $212,125 for the month of April.
New listings: We had 246 new listings enter the market in April. We love new inventory for our Buyers!
*** So here are the 2 big ones! Supply of properties for sale and days on market ***
Days on Market: The average number of days a listing stayed on the market before being sold was 171 days (or 5.7 months) in April. This is 2 days less than last April. Good news for sellers! April numbers normally range from 180 days on the market to a Baldwin County listing selling as fast as 120 days on average.
Inventory-to-Sales Ratio: This number is a main indicator. I also call this one the absorption rate...meaning how many days should it take for all listings to sell. Baldwin County currently has 8.3 months of supply based on it current sales volume. This is down from 8.8 months in March 2014 and up from April of 2013 when it was 7.2 months. We consider a 6 month supply to be a balanced supply. Anything over 6 months is considered a buyer's market. In past years we have seen April ratios range from 4.1 to a whopping 27 in 2008.