Click here to view or print the entire October report compliments of the ACRE Corporate Cabinet.

Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, October residential sales in Baldwin County totaled 406 units, down a slight 0.5 percent from last October. The recession hit Baldwin County early and hard with sales in 2008 at 212 units, but overall sales have been on a slow and steady incline during the month since 2009. Year-to-date sales in October (4,508) were 13.7 percent above October 2014 (3,965). Two more resources to review: Quarterly Report and Annual Report

Forecast: October results were 19 units or 4.9 percent above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through October projected 4,167 closed transactions while the actual sales were 4,508 units, a rise of 8.1 percent.

Home sales remained virtually the same during October in Baldwin County as the previous year at 406 units in 2015 versus 408 units in 2014.

Supply: The Baldwin County housing inventory in October was 2,960 units, a decrease of 3.8 percent from October 2014. The area’s housing inventory has declined by 51 percent from October peak in 2006 (6,041 units). There was 7.3 months of housing supply in October 2015 (6.0+/- months considered equilibrium for July NSA) versus 7.5 months of supply in October 2014. This is up slightly from the prior month’s 6.7 months of supply but down significantly (72.6 percent) from the October peak of 26.6 months of supply in 2007.

Demand: Baldwin County residential sales decreased 11 percent from the prior month. This direction unfavorably contrasts with local historical data indicating that October sales, on average (2010-14), increase from September by 0.6 percent.

Existing single family home sales accounted for 67 percent (up 6 percent from October 2014) of total sales while 9 percent (unchanged from October 2014) were new home sales and 24 percent (down from 30 percent in October 2014) were condo buyers.

Pricing: The Baldwin County median sales price in October was $204,500, an increase of 8.3 percent from last October ($188,850). The median sales price also increased 2.1 percent from the prior month. This data is consistent with historical data that indicate on average (2010-14) the October median sales price increases from September by 0.6 percent. The center highly recommends consulting with a real estate professional to discuss pricing as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Despite recent headwinds, which likely will slow economic growth compared to the first half of 2015, we see positive trends for consumer spending and housing heading into the fourth quarter,” said Fannie Mae Chief Economist Doug Duncan. “Strong home price gains should help drive an increase in household net worth again in the third quarter and, combined with low gasoline prices and mortgage rates, should support strong consumer spending throughout the rest of the year.” For full report click here.

The average sales price during October in Baldwin County has been on the rise since hitting its lowest point in 2010. The price in 2015 was $266,972.

Inventory is moving faster in Baldwin County during October, with an average of 142 days on the market, down from 152 days on the market during the same period last year.

Total inventory is down in Baldwin County during October. It’s peak of 6,041 units in 2006 dropped to just under 3,000 last month.

Median sales prices for Baldwin homes during October rises in 2015 to $204,500.

Months of supply is dropping more toward equilibrium during October in Baldwin County, but there is work to be done as it stands at 7.3.

Year-to-date sales in Baldwin County during October are 13.7 percent higher than the same period last year.

Home sales in Baldwin County hit 406 during October, compared to 212 during the same month in 2008.

The Baldwin County Residential Monthly Report is work product developed in conjunction with the Baldwin County Association of Reatlors to better serve gulf coast consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market. The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.