Baldwin County June 2024 Real Estate Update

According to the Baldwin REALTORS Multiple Listing Service (MLS), there have been year-over-year decreases in total revenue, total closed sales and new inventory for both the “Traditional” and “Resort” submarkets in June. Last June, residential real estate sales generated more than $380 million, but this year’s total revenue has dropped by nearly $70 million. Traditional residential properties experienced a 1.5% increase in average sales price at $411,166. Properties stayed on market longer, with an average of 58 days, which is 9 more days than the average a year ago. Total closed sales decreased from the previous year’s number at 485 units sold, in comparison to 559 units sold in June 2023. Additionally, there was a property decrease of more than 100 in new inventory added within the month. “Resort/Island” properties saw a 18.9% increase from June 2023 in average sales price, resulting in $806,576. Listings spent more time on the market at an average of 87 days, compared to 67 days the year prior. A decrease was also reported in total closed sales, with 140 properties being sold in June 2024, compared to 220 in June 2023. New inventory added in this area of the county last month was 88 fewer than in June 2023.