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

Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, February residential sales in Baldwin County totaled 377 units, up 6 percent from last February. Year-to-date sales are 5 percent or 40 units above 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: February results were 15 units or 4 percent above our monthly forecast. Alabama Center for Real Estate’s (ACRE) year-to-date sales forecast through February projected 681 closed transactions while the actual sales were 692 units, a favorable difference of 1.6 percent.

Baldwin County home sales topped out at 377 units sold during February.

Supply: The Baldwin County housing inventory in February was 2,809 units, a decrease of 5 percent from February 2015. The area’s housing inventory has declined by 55 percent from February peak in 2007 (6,236 units). There was 7.5 months of housing supply in February (6 months considered equilibrium for February NSA) versus 8.3 months of supply in February 2015. This is down from the prior month’s 8.9 months of supply.

Demand: Baldwin County residential sales increased 20 percent from the prior month. This direction is consistent with local historical data indicating that February sales, on average (2011-15), increase from January by 13.7 percent.

Existing single family home sales accounted for 57 percent (down from 58 percent during February 2015) of total sales while 11 percent (up from 8 percent during February  2015) were new home sales and 32 percent (down from 34 percent in February 2015) were condo buyers.

Pricing: The Baldwin County median sales price in February  was $202,000, a decrease of 5 percent from last February ($212,250). The median sales price also increased 0.6 percent from the prior month. This data contrasts with historical data that indicate on average (2011-15) the February median sales price decreases from January by 2.2 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: “Our February results show the most modest consumer home price expectations since late 2012,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “For consumers who think it’s a bad time to buy a home, whose share has trended up from its recent low last November, high home prices have been an increasingly contributing factor. A slower pace of home price appreciation may provide some relief for potential homebuyers, especially first-time buyers who couldn’t reap the benefits of selling a home at high prices to buy another one.” For the full story, click here.

The average home sold during February in Baldwin County sold for $247,125.

On average, homes sold in Baldwin County during February spent 101 days on the market.

Inventory held steady in Baldwin County during February at 2,809 units.

The median sales price in Baldwin County during February was $202,000.

There were 7.5 months of supply on the market during February in Baldwin County.

Home sales rose 6 percent in Baldwin County over the same period last February.

Year-to-date home sales in Baldwin County are 5 percent over last year’s numbers.

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.