Returning to a New Normal

An annual analysis of 2019 to current housing data trends provided by Baldwin REALTORS® Multiple Listing Service

Baldwin REALTORS® (BR) is pleased to report pre-pandemic levels of activity in Baldwin County’s residential real estate market. Statistical data from 2019 through 2023 provided by BR’s Multiple Listing Service indicates that the local market is returning to normal from what was a very frenzied, atypical market in 2021 and 2022.

Average Days on Market

The data collected by Baldwin REALTORS®, from 2019 to February 28, 2023, shows that the average days on market (DOM) for a Baldwin County home went from 87 days in 2019 to record-breaking lows in 2021 and 2022. Now, in 2023, we are seeing the average amount of time a home stays on market before going under contract return to around a 2-month time period (62 days). While this may seem like a negative trend, it’s closer to industry standards and creates a more even playing field between buyers and sellers.

Properties Sold

Thanks to the historically low interest rates that began prior to the pandemic and lasted through 2022, total properties sold reached 9,704 in 2021 when interest rates were at their lowest. Based solely on the current rate of 2023’s January and February closed sales, this number is projected to be 5,232 total properties sold in Baldwin County by the end of the year. However, we have yet to hit the notoriously busy season for the real estate industry: springtime.

Average Sales Price

One trend that has yet to see a decrease and is the reason this article’s title refers to a “new normal” is the average sales price of homes. This statistic has increased from $297,681 in 2019 to $499,815 thus far in 2023. Baldwin County homeowners should feel at ease knowing that their property values have continued to appreciate. While this number may dip as the year goes on due to interest rates and more days on market, there will be no returning to pre-pandemic prices.

New Inventory

Prior to the pandemic, the number of new homes listed for sale in 2019 was 9,605. 2020 saw only the slightest dip in this number, resulting in 9,586 homes listed for sale that year. Baldwin County once again experienced record-breaking numbers for this statistic in 2021 and 2022 with over 10,000 new listings each year. So far in 2023, 1,439 new properties have been listed for sale, which is a lower rate than previous years. The coming months will be telling as to whether or not inventory will remain low or potentially pick up steam.

Sales Volume

It’s no surprise that Baldwin County’s total sales volume for 2021 and 2022 nearly doubled that of 2019. The increases during these years of new inventory, total properties sold, and average sales price are all contributing factors to reaching nearly $4B in sales. This year, as inventory and properties sold cool off, we are anticipating a volume closer to that of 2020’s $2.6B — which is still a successful year for the industry.

Rather than succumbing to fear-based reporting, Baldwin REALTORS® encourages its residents to take comfort in knowing their real estate market is returning to a more normal-paced, pre-pandemic market. By working with a local REALTOR®, you can be sure you are getting the most accurate and up-to-date information and advice when it comes to buying or selling a home in Baldwin County.