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, July residential sales in Baldwin County totaled 528 units, down 0.6 percent from last July. Year-to-date sales are 1.1 percent or 34 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. 

Year-to-date home sales in Baldwin County through July are up 1.1 percent over the same period last year.

Forecast: July results were 52 units or 11 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through July projected 3,090 closed transactions, while the actual sales were 3,231 units, a favorable difference of 4.5 percent.

Supply: The Baldwin County housing inventory in July was 2,970 units, a decrease of 4.7 percent from July 2015. The area’s housing inventory has declined by 58 percent from the July peak in 2007 (7,073 units). There was 5.6 months of housing supply in July (with 6 months considered equilibrium for July) vs. 5.9 months of supply in July 2015. This is up from June’s 5.1 months of supply.

Demand: Baldwin County residential sales decreased 7.2 percent from June. This direction contrasts with local historical data indicating that July sales, on average (2011-15), increase from June by 2.7 percent.

Existing single-family home sales accounted for 60 percent of total sales (down from 62 percent during July 2015), while 13 percent were new home sales (up from 11 percent during July 2015) and 28 percent were condo sales (up from 27 percent).

Pricing: The Baldwin County median sales price in July was $207,450, a decrease of 4.4 percent from last July ($216,950). The median sales price decreased 6.3 percent from the prior month. The data contrasts with historical data that indicate on average (2011-15) the July median sales price increases from June by 0.2 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “Financial volatility resulting from Brexit has created some uncertainty among investors as yields on government bonds have dropped sharply, Treasury yield curves have flattened over the past month, and the Chinese Yuan has depreciated to a six-year low against the dollar,” said Fannie Mae Chief Economist Doug Duncan. “In addition, our view on interest rates continues to be ‘low for long’ as we believe a Fed decision to raise interest rates will likely be on hold until June of 2017. Brexit’s economic impact on the U.S. will likely be limited, especially from a trade perspective, and should be a near-term positive for the housing and mortgage market as falling mortgage rates have prompted new refinance demand.” For the full report, click here.

Click here to generate more graphs from the Baldwin County July 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.