Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, October residential sales in Baldwin County totaled 491 units, up 0.4 percent from last October. Year-to-date sales were up 28.9 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: October results were 12 units or 2.3 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through October projected 5,349 closed transactions, while the actual sales were 5,654 units.
Supply: The Baldwin County housing inventory in October was 2,866 units, a decrease of 3.5 percent from October 2016. The area’s housing inventory has declined by 51.5 percent from the October peak in 2007 (5,908 units). There were 5.8 months of housing supply in October (with 6 months considered equilibrium) vs. 5.7 months of supply in October 2016.
Demand: Baldwin County residential sales decreased 4.2 percent from September. Existing single-family home sales accounted for 53 percent of total sales, while 24 percent were new home sales and 23 percent were condo sales.
Pricing: The Baldwin County median sales price in October was $230,000, an increase of 4.5 percent from October 2016 ($220,000). The median sales price was up 0.9 percent from the prior month. Historical data indicate on average (2012-16) the October median sales price decreases from September. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “The first print of third-quarter economic growth showed surprising resiliency. The expected economic hit from the recent natural disasters either failed to materialize or was drowned out by business optimism,” said Fannie Mae Chief Economist Doug Duncan. “Recent data showed a stronger pickup in domestic demand than anticipated, leading us to increase our growth forecast for the final quarter of this year and coming quarters. We also revised higher our 2018 growth forecast to 2 percent. Tax cuts, if enacted, present upside risk to our growth forecast for next year but could also lead to more aggressive Fed action. Housing still remains a drag on the economy, as shortages of labor and available lots, coupled with rising building material prices, further complicate existing inventory, affordability and sales challenges.”
Click here to generate more graphs from the Baldwin County October Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.