Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, October residential sales in Baldwin County totaled 489 units, up 20 percent from last October. Year-to-date sales are 4.3 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.
Forecast: October results were 84 units or 9 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through October projected 4,386 closed transactions, while the actual sales were 4,703 units, a favorable difference of 7 percent.
Supply: The Baldwin County housing inventory in October was 2,770 units, a decrease of 6.4 percent from October 2015. The area’s housing inventory has declined by 54 percent from the October peak in 2006 (6,041 units). There were 5.7 months of housing supply in October (with 6 months considered equilibrium for October) vs. 7.3 months of supply in October 2015. The inventory-to-sales ratio rose 8.5 percent from September.
Demand: Baldwin County residential sales increased 6.5 percent from September. This direction is consistent with local historical data indicating that October sales, on average (2011-15), increase from September by 6.9 percent.
Existing single-family home sales accounted for 57 percent of total sales (down from 67 percent in October 2015), while 17 percent were new home sales (up from 9 percent during October 2015) and 26 percent were condo sales (up from 24 percent).
Pricing: The Baldwin County median sales price in October was $220,000, an increase of 7.6 percent from last October ($204,500). The median sales price increased 0.2 percent from the prior month. The data is consistent with historical data that indicate on average (2011-15) the October median sales price increases from September by 4.3 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate,” said Doug Duncan of Fannie Mae. “Furthermore, consumers’ perception of their income over the past year deteriorated sharply in October to the worst showing since early 2013, weighing on the index. However, this component of the HPSI (home purchase sentiment index) is volatile from month to month, and the firming trend in wage gains from the October jobs report, if sustained, may foreshadow an improving view in the near future.”
Click here to generate more graphs from the Baldwin County October Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.