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, October residential sales in Baldwin County totaled 401 units, up 25 percent from last November. Year-to-date sales are 6 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. 

Year-to-date home sales in Baldwin County through November are up 6 percent over last year.

Forecast: November results were 43 units or 12 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through November projected 4,744 closed transactions, while the actual sales were 5,104 units, a favorable difference of 7 percent.

Supply: The Baldwin County housing inventory in November was 2,692 units, a decrease of 6 percent from November 2015. The area’s housing inventory has declined by 54 percent from the November peak in 2006 (5,872 units). There were 6.7 months of housing supply in November (with 6 months considered equilibrium for November) vs. 8.9 months of supply in November 2015. The inventory-to-sales ratio rose 18.5 percent from October.

Demand: Baldwin County residential sales decreased 18 percent from October. This direction is consistent with local historical data indicating that November sales, on average (2011-15), decrease from October by 9 percent.

Existing single-family home sales accounted for 60 percent of total sales (up from 53 percent in November 2015), while 10 percent were new home sales (up from 7 percent) and 30 percent were condo sales (down from 40 percent).

Pricing: The Baldwin County median sales price in November was $232,900, an increase of 12 percent from last November ($207,264). The median sales price increased 6 percent from the prior month. The data is consistent with historical data that indicate on average (2011-15) the November median sales price increases from October by 6.1 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “The HPSI (home purchase sentiment index) fell in October for the third straight month from its record high in July, reaching the lowest level since March. Recent erosion in sentiment likely reflects, in part, enhanced uncertainty facing consumers today,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate. 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 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 November 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.