Baldwin County AL Real Estate Oct. 2021 Housing Market Update
Welcome to October! Trick-or-Treating and 85-degree weather, yeah!
Watch this video above as I talk numbers for the month of September in the Baldwin County AL Real Estate Oct. 2021 Housing Market Update.
Welcome to my October Baldwin County Market Update report. I am Tina Branch, a Realtor with Elite Real Estate Solutions here in South Alabama. We have so much to cover today, I am excited to share a lot of information with you.
The statistics we are going to discuss today come from the Baldwin County Multiple Listing Service. The numbers represent all the residential sales in Baldwin County MLS. Okay, let’s go into the numbers!
New Listing and Sales Baldwin County 2021
In the month of September, we had 981 closings. That is UP from the 955 closings in August. And as you can see from this chart, we have had ups and downs all year! This is one of the smaller swings from month to month we have seen this year.
Average Days on Market Baldwin County Alabama 2021
The median sales price did take a dip in September from August of this year. In September, our median sales price was $290,000 compared to $310,000 in August.
Average Days on Market Baldwin County Alabama 2021
Our average days on market for properties that closed in Sept was 30 days, that is how long the home is active in the MLS before it goes pending to closed. August was the same at 30 days, so no change there. The average days on the market for properties still Active on the MLS is currently 77.
We had a slight decrease in the number of new listings in the month of Sept from August. We are moving into the fall and winter seasons where we see less new inventory in general compared to the summer months.
Market Absorption Rate Baldwin County Alabama 2021
Which leads us to our absorption rate. Our absorption rate is right at 2 months, it has been that way since March! That means of all the inventory we have on the market if no new inventory comes on the market, we will sell out of homes in 2 months. I think will be interesting to see the absorption rate next month, with our current number of sold properties and the dip in new inventory coming on the market. However, I’ll tell you in just a second about the number of people applying for new mortgages, which plays into this too.
With the absorption rate being two months, it is definitely still a seller’s market however, I have noticed an increase of properties dropping the list price. The reasons could vary from feedback on the home has not been great from showings, it was overpriced in the beginning, or the seller is ready to sell quickly and feels the summer buyers are going away. Which might be the case! According to Mortgage Daily News, mortgage applications declined by the largest margin in three months the last week of September. This is a big indication of how many buyers are coming into the market.
If you are curious about your city’s stats narrowed down, whether you are in Daphne, Loxley, Foley, Spanish Fort…I could go on…. basically, any town in Baldwin County, you can look at those on my website. It autogenerates Market Updates for each city. Then to narrow it down even future if you are curious about your neighborhood, just email me letting me know your neighborhood and I’ll set you up on an email notification to receive the Market Update for your neighborhood once a month.