Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, May residential sales in Baldwin County totaled 685 units, up 40 percent or 196 units from last May. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: May results were 59 units or 9 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through May projected 2,550 closed transactions, while the actual sales were 2,623 units.
Supply: The Baldwin County housing inventory in May was 2,679 units, a decrease of 9 percent from May 2016. The area’s housing inventory has declined by 59 percent from the May peak in 2007 (6,501 units). There were 3.9 months of housing supply in May (with 6 months considered equilibrium for May) vs. 6 months of supply in May 2016. The inventory-to-sales ratio dipped 23 percent from April.
Demand: Baldwin County residential sales increased 31 percent from April. This direction is consistent with local historical data indicating that May sales, on average (2012-16), increase from April by 21 percent.
Existing single-family home sales accounted for 54 percent of total sales, while 18 percent were new home sales and 28 percent were condo sales.
Pricing: The Baldwin County median sales price in May was $225,000, an increase of 4 percent from May 2016 ($215,700). The median sales price was down 2 percent from the prior month. Historical data indicate on average (2012-16) the May median sales price decreases from April by 0.4 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “Once again, our full-year growth forecast remains intact as the economy grinds along, with the prospect of material policy changes appearing to be delayed,” said Fannie Mae Chief Economist Doug Duncan. “We expect consumer spending to resume its role as the biggest driver of growth in the second quarter amid improvements in the labor market. Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates. However, the tight supply of homes for sale continues to act as both a boon to home prices and an impediment to affordability.”
Click here to generate more graphs from the Baldwin County May Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.