The recently released Baldwin Realtors’ August 2020 real estate report indicates strong positive housing market trends continue to hold fast following the COVID-19 shutdowns of March and April in one of the more dynamic residential real estate markets recognized both locally and nationwide.
The Baldwin Realtors’ Multiple Listing Service (MLS) shows a year-over-year increase in the total number of properties sold in August 2020 for both resort and traditional residential segments, as well as an increase in total sales volume.
August numbers on total volume sold for the resort segment was $137,104,280, compared to $84,762,265 for August 2019.
Total numbers in August for traditional residential properties increased to $178,576,248, versus $120,414,394 in 2019.
A new silver lining of local news arising last month is that, for the first time since the pandemic started, the resort properties in Baldwin County reported better numbers than the traditional residential market in the county.
Average sales price saw a 17.6 percent increase from August 2019, resulting in an average pricing of $505,919.
Listings also spent less time on the on market, averaging 91 days, compared to 96 days in August 2019. The total number of closed sales also reported an uptick of 271 units, compared to 197 in August 2019 — a 37.6 percent increase.
Baldwin County’s traditional residential reporting was not far behind the resort area last month, with an average sales price increase of $311,651. This number was 16.7 percent higher than August 2019’s benchmark of $266,994.
Properties spent a similar amount of days on the market at 73 days, compared to 74 in 2019. Closed sales saw an increase of 27.1 percent from 2019, with 573 sold last month versus 451 sold in 2019.
Here are the residential MLS statistics broken down by sector:
- Residential properties sold in August 2020: 254
- Average sales price: $218,290
- Average days on market: 92
- Average sales price change from August 2019: increased 4.4 percent
- Residential properties sold in August 2020: 206
- Average sales price: $414,646
- Average days on market: 82
- Average sales price change from August 2019: increased 5.8 percent
- Residential properties sold in August 2020: 132
- Average sales price: $555,261
- Average days on market: 106
- Average sales price change from August 2019: increased 26.7 percent
- Residential properties sold in August 2020: 304
- Average sales price: $345,998
- Average days on market: 73
- Average sales price change from August 2019: increased 9.9 percent
- Residential properties sold in August 2020: 23
- Average sales price: $221,124
- Average days on market: 96
- Average sales price change from August 2019: increased 16.2 percent
BALDWIN REALTORS ANNOUNCES CHARITY FUND
Released concurrently with last month’s real estate report, the Baldwin Realtors Community Service Committee announced a new fund to provide financial assistance to local Baldwin County charity organizations as part of their annual “Thanks & Giving” initiative.
The program was made possible by available end-of-year capital accumulated through the committee’s budget, along with office fines collected through the Baldwin MLS.
“Out of caution amidst the ongoing pandemic and in an effort to be wise and efficient with the funds available, the application is available to any Baldwin County charity organization and should be submitted via email,” staff liaison Kayla Sanders said.
She went on to say a Zoom interview may be conducted following the application, depending on the amount of interest received through the applications. All applications can be submitted to firstname.lastname@example.org.
“If a charity organization is in need, we encourage them to apply. Also, if a local charity is known to need financial support, they can apply for financial assistance on our website at baldwinrealtors.com,” she said.
BUSINESS MOVES, TRANSACTIONS
Biloxi, Mississippi-based Scarlet Pearl Casino Resort recently announced the opening of its new, 5,800-square-foot VIP Orchid Room gambling space. The $4 million investment is part of a $6 million overall 2020 project to enhance amenities at the privately owned casino that first opened in 2015 in the Biloxi Bay area.
The space was designed by Las Vegas’s Friedmutter Group architect firm, who developed the room’s stylish design, which includes high-end materials such as Alabastri di Rex porcelain floors, an entry of backlit Grecian vanilla onyx, touchable Velveteen Vector wall fabric and orchid-print carpet custom-made to room specifications.
The VIP room also provides slot players with “personal gaming pods” with charging stations, TVs, food trays and storage compartments. The area is lit by hand-beaded orchid petal fixtures and crystal ribbon chandeliers.
“Any casino can raise their minimums, put in high-denomination slots and call it a ‘high-limit room,’” Scarlet Pearl CEO LuAnn Pappas said. “Here, we have created an elevated experience. The best players deserve the best room, the best services, the best amenities and most importantly, the best employees. The Orchid Room is simply the best.”
Since opening, Scarlet Pearl has invested over $30 million in capital including a multi-tier parking garage, the Scarlet Pearl Sportsbook, Frankly My Dear boutique, Lounge Nocherie and Ami Pizza.
Let’s Play Therapy Center has leased some 800 square feet of medical space inside Barrack’s Park located at 8531 Spanish Fort Blvd. in Spanish Fort. Let’s Play Therapy Center provides pediatric speech and language therapy as well as feeding evaluations. The center is designed to help children and their families achieve the goal of attaining carryover skills for the patient and facilitate improved societal functioning. David Dexter and Brandon Broadus with NAI Mobile brokered the transaction on behalf of both the landlord and tenant.
Villa Del Rey Cocina Mexicana restaurant has leased some 3,840 square feet of space in Legacy Village Shopping Center located near the intersections of Dauphin Street and Du Rhu Drive in Mobile. Expectations are to open toward the end of this year, but staffing plans were unknown as of press time. Colby Herrington of Herrington Realty worked for the restaurant in the transaction. John Vallas with Vallas Realty represented the landlord.
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