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, April residential sales in Baldwin County totaled 645 units, up 23.3 percent from last April. Current sales are 41.1 percent above the five-year April average of 456 residential sales. The area saw 2,081 residential sales during the first four months of 2018, up 1.5 percent from the 1,938 sales during the same period one year ago. Two more resources to review: Quarterly Report and Annual Report.   

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

Forecast: April results were 61 units or 10.5 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 2,011 closed transactions through April, while there were 2,081 actual sales, a difference of 3.5 percent.

Supply: The Baldwin County housing inventory in April was 2,934 units, an increase of 10.8 percent from one year ago. The area’s housing inventory has declined 49.4 percent from the 10-year April peak in 2008, when 5,802 units were available for sale. There were 4.5 months of housing supply in April, representing a decrease of 10.2 percent from the 5.1 months of housing supply available in the area in April 2017. The market reaches equilibrium at approximately 6 months of housing supply, with an even balance between supply and demand.

Demand: Baldwin County residential sales increased 1.6 percent from March. This is inconsistent with historical data indicating that April residential sales on average (2013-17) decrease from March by .4 percent. Existing single-family homes accounted for 54 percent of total sales in the area, while 21 percent of sales were new construction. Condo sales accounted for the remaining 25 percent. The average number of days on the market in April was 88, representing a decrease of 38.5 percent from one year ago, when homes in the area averaged 143 days on the market.

Pricing: The Baldwin County median sales price in April was $250,000, an increase of 8.9 percent from April 2017, when the median price was $229,645. The median sales price was up 6.9 percent from the prior month. This month-over-month price increase is consistent with historical data trends from 2013-17 indicating that April median sales prices on average increase 7.5 percent from March. ACRE highly recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.  

Industry perspective: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.

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