Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, February residential sales in Baldwin County totaled 377 units, unchanged from the previous February. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: February results were 62 units or 14 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast projected 823 closed transactions, while the actual sales were 752 units.
Supply: The Baldwin County housing inventory in February was 2,626 units, a decrease of 6.5 percent from February 2016. The area’s housing inventory has declined by 58 percent from the February peak in 2007 (6,236 units). There were 7 months of housing supply in February (with 6 months considered equilibrium for February) vs. 7.5 months of supply in February 2016. The inventory-to-sales ratio rose 4 percent from January.
Demand: Baldwin County residential sales increased 0.5 percent from January. This direction is consistent with local historical data indicating that February sales, on average (2012-16), increase from January by 13.2 percent.
Existing single-family home sales accounted for 58 percent of total sales (up from 57 percent in February 2016), while 10 percent were new home sales (down from 11 percent) and 32 percent were condo sales (unchanged from a year ago).
Pricing: The Baldwin County median sales price in February was $220,000, an increase of 8.9 percent from February 2016 ($202,000). The median sales price increased 0.9 percent from the prior month. This direction contrasts with historical data that indicate on average (2012-16) the February median sales price decreases from January by 4.7 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 the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”
Click here to generate more graphs from the Baldwin County February Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.
The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin County Association of Realtors to better serve Gulf Coast consumers.
