Baldwin County annual home sales were 12 percent higher than 2014
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Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, December residential sales in Baldwin County totaled 402 units (a new peak for the month), up 12.6 percent from last December . The recession hit Baldwin County early and hard with sales during December 2007 at 192 units, but overall sales have been on a slow and steady incline during the month since 2008. Year-to-date sales in December (5,230) were 12 percent above December 2014 (4,669). Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Baldwin County residential sales rose 12.6 percent during December 2015 compared to 2014.
Forecast: December results were 26 units or 7 percent above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through December projected 4,891 closed transactions while the actual sales were 5,230 units, a rise of 7 percent.
Supply: The Baldwin County housing inventory in December was 2,721 units, a decrease of 4 percent from December 2014. The area’s housing inventory has declined by 52 percent from December peak in 2006 (5,668 units). There was 6.8 months of housing supply in December 2015 (6 months considered equilibrium for December NSA) versus 8 months of supply in December 2014. This is up from the prior month’s 8.9 months of supply but down significantly (76.2 percent) from the December peak of 28.4 months of supply in 2007.
Demand: Baldwin County residential sales increased 26 percent from the prior month. This direction is consistent with local historical data indicating that December sales, on average (2010-14), increase from November by 11.3 percent.
Existing single family home sales accounted for 60 percent (down from 64 percent during December 2014) of total sales while 10 percent (up from 9 percent during December 2014) were new home sales and 30 percent (up from 27 percent in December 2014) were condo buyers.
Pricing: The Baldwin County median sales price in December was $208,200, an increase of 1.6 percent from last December ($204,900). The median sales price also increased 0.5 percent from the prior month. This data is consistent with historical data that indicate on average (2010-14) the December median sales price increases from November by 6.5 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: “Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook. This more positive consumer sentiment brought the HPSI up a few points, moving the index up for all of 2015,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Brightening economic prospects, if sustained, should stimulate demand for homeownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time homebuyers could face affordability constraints.” For full report click here.
The Baldwin County Residential Monthly Report is work product developed in conjunction with the Baldwin County Association of Realtors 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.
