Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, June residential sales in Baldwin County totaled 689 units, up 21 percent or 120 units from last June. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: June results were 68 units or 10.95 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through June projected 3,171 closed transactions, while the actual sales were 3,312 units.
Supply: The Baldwin County housing inventory in June was 2,691 units, a decrease of 6.8 percent from June 2016. The area’s housing inventory has declined by 57.5 percent from the June peak in 2007 (6,336 units). There were 3.9 months of housing supply in June (with 6 months considered equilibrium for June) vs. 5.1 months of supply in June 2016. The inventory-to-sales ratio dipped 0.1 percent from May.
Demand: Baldwin County residential sales increased 0.6 percent from May. This direction is consistent with local historical data indicating that June sales, on average (2012-16), increase from May by 0.1 percent.
Existing single-family home sales accounted for 53 percent of total sales, while 21 percent were new home sales and 26 percent were condo sales.
Pricing: The Baldwin County median sales price in June was $232,800, an increase of 5.1 percent from June 2016 ($221,500). The median sales price was up 3.5 percent from the prior month. Historical data indicate on average (2012-16) the June median sales price decreases from May by 2.4 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “While second-quarter growth is poised to rebound, we expect growth to moderate through the remainder of 2017. Consumer spending, traditionally the largest contributor to economic growth, is sluggish and is lagging positive consumer sentiment and solid hiring,” said Fannie Mae Chief Economist Doug Duncan. “While labor market slack continues to diminish, wage growth is not accelerating and inflation has moved further below the Fed’s target. These conditions support our call that the Fed will continue gradual monetary policy normalization, announce its balance sheet tapering policy in September, and wait until December for additional data, especially on inflation, before raising the fed funds rate for the third time this year.”
Click here to generate more graphs from the Baldwin County June Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.