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, March residential sales in Baldwin County totaled 663 units, up 43 percent or 200 units from last March. Two more resources to review: Quarterly Report and Annual Report.

For all of Baldwin County’s housing data, click here.

Forecast: March results were 127 units or 23 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 1,359 closed transactions, while the actual sales were 1,415 units.

Supply: The Baldwin County housing inventory in March was 2,669 units, a decrease of 8 percent from March 2016. The area’s housing inventory has declined by 59 percent from the March peak in 2007 (6,432 units). There were 4 months of housing supply in March (with 6 months considered equilibrium for March) vs. 6.2 months of supply in March 2016. The inventory-to-sales ratio dropped 42 percent from February.

Demand: Baldwin County residential sales increased 76 percent from February. This direction is consistent with local historical data indicating that March sales, on average (2012-16), increase from February by 25 percent.

Existing single-family home sales accounted for 56 percent of total sales (down from 60 percent in March 2016), while 11 percent were new home sales (down from 14 percent) and 33 percent were condo sales (up from 26 percent a year ago).

Pricing: The Baldwin County median sales price in March was $219,900, an increase of 14 percent from March 2016 ($193,000). The median sales price was unchanged from the prior month. Historical data indicate on average (2012-16) the March median sales price increases from February 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

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