Baldwin County median home sales price up 6.4 percent from a year ago

Baldwin County median home sales price up 6.4 percent from a year ago
Area homes that sold during May spent 36 percent less time on the market than the ones that sold in May 2017. (iStock)

Click here to view or print the entire monthly report.

Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, May residential sales in Baldwin County totaled 664 units, down 3.1 percent from last May. Current sales are 26.3 percent above the five-year May average of 526 residential sales. The area saw 2,745 residential sales during the first five months of 2018, up 4.7 percent from the 2,623 sales during the same period one year ago. Two more resources to review: Quarterly Report and Annual Report.

For all of Baldwin County’s housing data, click here.

Forecast: May results were two units or .3 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 662 closed transactions through May, while there were 2,673 actual sales, a difference of 2.7 percent.

Supply: The Baldwin County housing inventory in May was 2,940 units, an increase of 9.7 percent from one year ago. The area’s housing inventory has declined 48.8 percent from the 10-year May peak in 2008, when 5,744 units were available for sale. There were 4.4 months of housing supply in May, representing a decrease of 23.6 percent from the 5.8 months of housing supply available in the area in May 2017. The market reaches equilibrium at approximately 6 months of housing supply, with an even balance between supply and demand.

Demand: Baldwin County residential sales increased 2.9 percent from April. Historical data indicate that May residential sales on average (2013-17) increase from April by 15.4 percent. Existing single-family homes accounted for 56 percent of total sales in the area, while 21 percent of sales were new construction. Condo sales accounted for the remaining 23 percent. The average number of days on the market in May was 88, representing a decrease of 35.8 percent from one year ago, when homes in the area averaged 137 days on the market.

Pricing: The Baldwin County median sales price in May was $239,500, an increase of 6.4 percent from May 2017, when the median price was $225,000. The median sales price was down 4.2 percent from the prior month. Historical data trends from 2013-17 indicate that May median sales prices on average decrease .4 percent from April. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: In both Alabama and the United States, the spring home-buying season has been affected greatly by very low inventory levels. April residential listings decreased 10 percent in the state and decreased 6 percent nationwide from one year ago. Residential sales in Alabama, however, increased 16 percent from one year ago, which is impressive considering the 10 percent drop in inventory. Home price appreciation cooled off somewhat as the statewide median sales price increased 2 percent from one year ago, while it increased 7 percent during the first quarter of the year. Going forward, home sales prices are expected to continue their upward climb during the summer as inventory levels are likely to repeat the declines that were seen during the spring.

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. 

The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin County Association of Realtors to better serve Gulf Coast consumers.

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