Across almost all areas of reporting, listing prices found in Baldwin County’s dynamic residential real estate market showed signs of decline last month. It was a region that, until now, seemed to be virtually invulnerable to salvos felt in other regions from the COVID-19 economic shutdown.
Baldwin Realtors’ Multiple Listing Service (MLS) reported a 0.5 percent decrease in average sales price for the Traditional Residential market for May 2020 compared to last year, and a 6 percent year-over-year decrease in average sales price in the Resort/Island-based market.
Additionally, after breaking down the areas of the county even further, only Coastal Condos and North Baldwin County saw an increase in average sales prices in April 2020.
“With these dips in pricing and ongoing great interest rates, it makes one question if Baldwin County is entering into a new era of a buyers’ market,” the report said.
The study went on to elaborate that while many of Baldwin County’s beach rental companies have fully recovered from the lag in business during the statewide shutdown from the coronavirus pandemic, the Resort/Island-based housing market is slower to catch back up.
When comparing May 2020 to May 2019, both average sales price and total number of closed sales saw significant decreases, and the average days on market increased.
Looking farther back, however, numbers from April to May 2020 indicated the potential for future signs of improvement in the market.
The average sales price between April and May 2020 showed a decelerating decline of 0.6 percent.
Average days on market reduced from 101 in April to 85 in May, which indicated an uptick in demand of nearly 16 percent (15.8). Total number of properties sold also increased by nearly 11 percent (10.8) in that timeframe, from 120 units in April to 133 units last month.
Baldwin County’s Traditional Residential housing market for May 2020 also lagged behind when compared to May 2019.
Average sales prices decreased by 0.5 percent and the total number of properties sold decreased by 15.4 percent versus last year.
Conversely, average days on market held up well in comparison to both the previous year and the previous month, at 64 days for May 2020.
When comparing May 2020 to April 2020, average sales price decreased by 5.4 percent, but total number of closed sales increased by 5.7 percent.
Here is additional information on last month’s Baldwin County residential MLS statistics broken down by area:
Central Baldwin
- Residential properties sold in May 2020: 203
- Average sales price: $171,817
- Average days on market: 83
- Average days on market change from May 2019: decreased by 13.5 percent
Coastal Condos
- Residential properties sold in May 2020: 82
- Average sales price: $407,917
- Average days on market: 63
- Average days on market change from May 2019: decreased by 18.2 percent
Coastal Homes
- Residential properties sold in May 2020: 75
- Average sales price: $397,967
- Average days on market: 104
- Average days on market change from May 2019: increased by 14.3 percent
Eastern Shore
- Residential properties sold in May 2020: 217
- Average sales price: $304,330
- Average days on market: 76
- Average days on market change from May 2019: decreased by 2.6 percent
North Baldwin
- Residential properties sold in May 2020: 19
- Average sales price: $185,188
- Average days on market: 34
- Average days on market change from May 2019: decreased by 29.2 percent
Baldwin Realtors provides resources, education and tools to over 2,300 professionals across the region. More information about the report can be found at baldwinrealtors.com
Business moves, transactions
The 2,800-square-foot former Kelly’s Cleaners building, located at 2339 Dauphin Island Parkway and sitting on a third of an acre of land, will soon be converted into space for two local family-owned businesses, according to owner and family patriarch Henry Hamilton.
The site is located roughly a mile from the Interstate 10 interchange and in close proximity to Regions Bank, Wild Wings Station and Dollar General along a heavily traveled section of DIP.
Plans are in place to equally divide office space into dual 1,400-square-foot sections.
The footprint fronting the entranceway into the property will be called Cars & More and will function as an auto sales and title service company. The back office area will be home for an existing janitorial service business called AMS and HAMS LLC that is relocating to the larger site.
The two firms will initially be managed by three family members with the possibility of adding employees down the road, depending on business growth. Both entities are expected to open sometime in mid-July. Mike Reid with White-Spunner Realty handled the three-year lease of the 1970s-era property and managed both sides of the transaction for landlord and tenant.
Jacksonville-based ACME Barricades has leased some 5,000 square feet of office and warehouse space at 3100 Lees Lane off of Halls Mill Road in Mobile. The company has 14 offices spread throughout the state of Florida and this will be the company’s first venture into Alabama, with expectations to expand more into the region and state in the near future.
ACME Barricades manufactures and sells traffic control equipment and offers services ranging from barricades, channeling devices and pavement marking. Sharon Wright with White-Spunner Realty handled the transaction on behalf of the tenant.
Stephen McNair, owner and president of McNair Historic Preservation Inc., announced the acquisition by his company of a 1,400-square-foot commercial space located at 257 N. Conception Street in the De Tonti Square Historic District in downtown Mobile.
The property formerly housed the offices for Holmes & Holmes Architects and is listed on the National Register of Historic Places. The site will continue to be used for leasing commercial office space, according to McNair.
Janet Keene with Bender Real Estate reported that Edwards & Associates Tax & Insurance Agency has leased 400 square feet of office space located inside the Executive Center located at 917 Western America Circle in Mobile.
All-Star Mortgages recently leased some 800 square feet of office space located at 207 Shelton Beach Road in Saraland. Sharon Wright and Chris Harle with White-Spunner Realty handled the transaction. The retail center and multi-tenant office is now fully leased, according to Wright.
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