Summer has arrived on the Gulf Coast where the weather is hot, and the housing market is hotter! Home buyers planning to enter the market during the summer months should expect solid competition from other buyers. Sellers, on the other hand, will likely continue to enjoy their market leverage for the foreseeable future. With the continued supply and demand imbalance, this upward pull on prices is expected to remain consistent well into fall. The interest rates may rise slightly but are expected to remain relatively low and home inventory will increase, but it will remain a seller’s market.
Here on the Eastern Shore where the number of homes listed for sale is limited and affordability is becoming more of a concern, the competition to find the perfect home is greater than ever. Hopefully as we head into the summer months, we will see a later than usual burst of inventory. If we don’t, we could be looking at substantial price appreciation of homes across all the Baldwin County markets. According to the Baldwin REALTORS®, the entire county experienced 826 properties sold in the month of April 2021, compared to just 507 the year prior. What might be even more encouraging to report is that, in this past month, Baldwin County experienced net growth in New Listings.
The numbers for the Eastern Shore alone continue to show out:
- Residential Properties sold in April 2021: 279
- Average Sales Price: $360,521
- Average Days on Market: 37
- Average Sales Price Change from April 2020: Increased 12%
To view the full article, visit Baldwin REALTORS®
There is no doubt this is a market we have never seen before. Reach out to one of our experienced agents to stayed informed as this unprecedented market on the Gulf Coast continues to unfold.