Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, August residential sales in Baldwin County totaled 686 units, up 30.9 percent from last August. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Forecast: August results were 578 units or 19 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through August projected 4,332 closed transactions, while the actual sales were 4,692 units.
Supply: The Baldwin County housing inventory in August was 3,248 units, an increase of 10.3 percent from August 2016. The area’s housing inventory has declined by 47.8 percent from the August peak in 2007 (6,219 units). There were 4.7 months of housing supply in August (with 6 months considered equilibrium for August) vs. 5.6 months of supply in August 2016. The inventory-to-sales ratio increased by 1.9 percent from July.
Demand: Baldwin County residential sales decreased 1.2 percent from July. Existing single-family home sales accounted for 61 percent of total sales, while 17 percent were new home sales and 22 percent were condo sales.
Pricing: The Baldwin County median sales price in August was $302,693, an increase of 4.7 percent from August 2016 ($289,075). The median sales price was up 1.2 percent from the prior month. Historical data indicate on average (2012-16) the August median sales price increases from July by 1.2 percent. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Industry perspective: “For the first time in 2017, we have increased our full-year growth outlook. The upgrade reflects economic activity gaining momentum at the end of the second quarter, though we see a great deal of uncertainty surrounding the forecast,” said Fannie Mae Chief Economist Doug Duncan. “The list of uncertainties now extends beyond the geopolitical and legislative, as the effects of Hurricanes Harvey and Irma will require time to untangle. Historically, natural disasters that hit heavily populated areas led to substantial near-term declines in economic activity but meaningful rebounds in subsequent quarters due to rebuilding efforts. Thus, economic growth in the second half of 2017 could still average a slightly stronger pace than the first half. Unfortunately, we continue to expect home sales to be flat during the second half of the year compared to the first half due to strong home price appreciation and lean inventories.”
Click here to generate more graphs from the Baldwin County August Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.