Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, July residential sales in Baldwin County totaled 694 units, up 31.4 percent or 166 units from last July. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: July results were 111 units or 19 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through July projected 3,754 closed transactions, while the actual sales were 4,006 units.
Supply: The Baldwin County housing inventory in July was 3,226 units, an increase of 8.6 percent from July 2016. The area’s housing inventory has declined by 54.5 percent from the July peak in 2007 (7,073 units). There were 4.6 months of housing supply in July (with 6 months considered equilibrium for July) vs. 5.6 months of supply in July 2016. The inventory-to-sales ratio increased by 19 percent from June.
Demand: Baldwin County residential sales increased 0.7 percent from June. This direction contrasts with local historical data indicating that July sales, on average (2012-16), decrease from June by 6.6 percent.
Existing single-family home sales accounted for 55 percent of total sales, while 15 percent were new home sales and 30 percent were condo sales.
Pricing: The Baldwin County median sales price in July was $227,800, an increase of 9.8 percent from July 2016 ($207,450). The median sales price was down 2.1 percent from the prior month. Historical data indicate on average (2012-16) the July median sales price increases from June by 0.3 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “We are keeping our full-year economic growth outlook at 2 percent as risks to our forecast are roughly balanced,” said Fannie Mae Chief Economist Doug Duncan. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast. A build-up in inventory also should be positive for growth this quarter, and nonresidential investment in structures will likely continue to improve as oil prices stabilize.”
Click here to generate more graphs from the Baldwin County July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.