Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, April residential sales in Baldwin County totaled 523 units, up 7 percent or 33 units from last April. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: April results were 42 units or 7 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through April projected 1,924 closed transactions, while the actual sales were 1,938 units.
Supply: The Baldwin County housing inventory in April was 2,648 units, a decrease of 8 percent from April 2016. The area’s housing inventory has declined by 59 percent from the April peak in 2007 (6,422 units). There were 5.1 months of housing supply in April (with 6 months considered equilibrium for April) vs. 5.9 months of supply in April 2016. The inventory-to-sales ratio rose 26 percent from March.
Demand: Baldwin County residential sales decreased 21 percent from March. This direction contrasts with local historical data indicating that April sales, on average (2012-16), increase from March by 4.3 percent.
Existing single-family home sales accounted for 74 percent of total sales (up from 58 percent in April 2016), while 10 percent were new home sales (up from 9 percent) and 16 percent were condo sales (down from 33 percent a year ago).
Pricing: The Baldwin County median sales price in April was $229,645, an increase of 4 percent from April 2016 ($220,000). The median sales price was up 4 percent from the prior month. Historical data indicate on average (2012-16) the April median sales price increases from March by 6 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”
Click here to generate more graphs from the Baldwin County April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.