Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, January residential sales in Baldwin County totaled 375 units, up 19 percent from the previous January. Sales in Baldwin County during January 2016 totaled 315 units. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here
Forecast: January results were nine units or 2 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2016 sales forecast projected 384 closed transactions, while the actual sales were 375 units.
Supply: The Baldwin County housing inventory in January was 2,514 units, a decrease of 10 percent from January 2016. The area’s housing inventory has declined by 58 percent from the January peak in 2007 (6,023 units). There were 6.7 months of housing supply in January (with 6 months considered equilibrium for January) vs. 8.9 months of supply in January 2016. The inventory-to-sales ratio rose 24 percent from December.
Demand: Baldwin County residential sales decreased 19.7 percent from December. This direction is consistent with local historical data indicating that January sales, on average (2012-16), decrease from December by 14 percent.
Existing single-family home sales accounted for 60 percent of total sales (unchanged from January 2016), while 8 percent were new home sales (down from 11 percent) and 32 percent were condo sales (up from 28 percent).
Pricing: The Baldwin County median sales price in January was $218,000, an increase of 8.5 percent from January 2016 ($200,875). The median sales price decreased 6.8 percent from the prior month. This direction contrasts with historical data that indicate on average (2012-16) the January median sales price increases from December by 3.5 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”
Click here to generate more graphs from the Baldwin County December Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.