Home sales are up 76% since February and 43% from this time last year according to the Baldwin County Association of Realtors. This translates into more tax revenue and higher selling prices. According to a report on LOCAL15TV, the Baldwin County Revenue Commission says this increase has brought in an additional nine million dollars in tax revenue to the county. This has also driven up home prices an average of $20,000, according the Baldwin County Association of Realtors.
The Baldwin County Association of Realtors’ report also shows average sales prices have gone up around $20,000 on average and the number of homes available for sale has decreased.
Here’s the story on Local15TV.com.
At Urban Property we are seeing trends in Lake Forest subdivision in Daphne that back up this data from BCAR. As of April 26, there are 37 active listings in Lake Forest and an additional 24 more houses that are pending sale. Since January 1st, 63 houses in Lake Forest have sold. If you add the 24 pending sales to the 63 that have closed, that’s 22 sales per month in Lake Forest alone. The 37 houses for sale are about 1.7 months active inventory.
Since January, the average days on market for the 63 sales is right at 100 days. That is from listing to closing. If you subtract 40 days for the time from offer to close (that’s an average that we’re seeing with our transactions at Urban), these homes were on the market right at two months. Of those 63 sales, 19 were on the market for under 50 days, meaning that these 19 homes sold almost instantly. 37 of those homes sold in under 100 days, and these numbers are a little skewed by one home that was on the market for 438 days.
All of this demonstrates just how strong the home sales market is in Lake Forest, which is a microcosm of how strong the home market is across Baldwin County.