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, September residential sales in Baldwin County totaled 459 units, up 0.7 percent from last September. Year-to-date sales are 3 percent 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. 

Baldwin County September home sales rose 1 percent from the previous September.

Forecast: September results were 39 units or 9 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through September projected 3,981 closed transactions, while the actual sales were 4,214 units, a favorable difference of 6 percent.

Supply: The Baldwin County housing inventory in September was 2,842 units, a decrease of 7 percent from September 2015. The area’s housing inventory has declined by 53 percent from the September peak in 2006 (6,137 units). There was 6.2 months of housing supply in September (with 6 months considered equilibrium for September) vs. 6.7 months of supply in September 2015. The inventory-to-sales ratio rose 10.2 percent from August.

Demand: Baldwin County residential sales decreased 12.4 percent from August. This direction is consistent with local historical data indicating that September sales, on average (2011-15), decrease from August by 7.7 percent.

Existing single-family home sales accounted for 64 percent of total sales (up from 60 percent in September 2015), while 12 percent were new home sales (up from 11 percent during September 2015) and 24 percent were condo sales (down from 29 percent).

Pricing: The Baldwin County median sales price in September was $219,500, an increase of 10 percent from last September ($200,338). The median sales price decreased 0.2 percent from the prior month. The data contrasts with historical data that indicate on average (2011-15) the September median sales price increases from August by 2.5 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

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