I love data. We often use market data to understand what to predict a home will sell for and how fast it will sell. 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 March was like and how it may help us determine what to expect in our local market.
Total Sales: There were 344 units sold in March (units = houses and condos). Last March there were 385 units sold.This is a normal range for the month of March. Our of these 344 units 42 were newly constructed and 108 were condos. Our biggest March in 2004 there were 629 units sold.
Average Sales price: The average selling price in Baldwin County for March 2014 was $268,295. This represents a 15.3% increase from March of 2013. Condos in Baldwin County averaged $367,499 while single family homes in Baldwin County averaged $225,984 for the month of March.
New listings: We had 109 new listings enter the market in March. We love new inventory for our Buyers!
*** Â So here are the 2 big ones! Supply of properties for sale and days on market ***
Days on Market:Â The average number of days a listing stayed on the market before being sold was 163 days (or 5.4 months) in March. This is 15.5 days less than last March. Good news for sellers! Â March numbers normally range from 185 days on the market to a Baldwin County listing selling as fast as 125 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 8.8 months of supply based on it current sales volume. This is down from 9.1 months in February 2014 and up from March of 2013 when it was 7.5 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 March ratios range from 3.9 to 8.8.
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