Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, September residential sales in Baldwin County totaled 471 units, up 2.6 percent from last September. Year-to-date sales were up 22.5 percent from the same period last year. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: September results were 43 units or 8.4 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through September projected 4,846 closed transactions, while the actual sales were 5,163 units.
Supply: The Baldwin County housing inventory in September was 2,711 units, a decrease of 4.6 percent from September 2016. The area’s housing inventory has declined by 55.5 percent from the September peak in 2007 (6,090 units). There were 5.8 months of housing supply in September (with 6 months considered equilibrium) vs. 6.2 months of supply in September 2016. The inventory-to-sales ratio increased by 21.6 percent from August.
Demand: Baldwin County residential sales decreased 31.3 percent from August. Existing single-family home sales accounted for 51 percent of total sales, while 25 percent were new home sales and 24 percent were condo sales.
Pricing: The Baldwin County median sales price in September was $228,000, an increase of 3.9 percent from September 2016 ($219,500). The median sales price was down 6 percent from the prior month. Historical data indicate on average (2012-16) the September median sales price decreases from August by 0.86 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “The impacts from this season’s hurricanes on the U.S. economy were wide-ranging but should dissipate over time. These include the loss of momentum in consumer spending and residential investment, as well as a decline in September payrolls and August home sales and contract signings,” said Fannie Mae Chief Economist Doug Duncan. “We expect economic activity to rebound in coming months. The recovery will likely be slower for home sales and home building, however, as the labor shortage and rising material prices will likely worsen after the hurricanes, exacerbating already-tight inventory. While we expect full-year economic growth for 2017 to come in at the same rate projected in our prior forecast, we now believe that total home sales will be essentially flat this year compared with the moderate rise predicted in the prior forecast. Despite muted underlying inflation, we continue to expect the Fed to raise rates for the third time this year in December.”
Click here to generate more graphs from the Baldwin County September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.