Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 548 units during October, up 11.6 percent from 491 sales in the same month a year earlier. October sales were down 1.8 percent compared to 558 sales in September. Results were 27.7 percent above the five-year October average of 429 sales. Two more resources to review: Quarterly Report and Annual Report.
For all of Baldwin County’s housing data, click here.
Inventory: Total homes listed for sale in the Baldwin County area during October were 2,878 units, an increase of 0.4 percent from October 2017’s 2,866 units and an increase of 1.4 percent from September’s 2018’s 2,839 units. October’s months of supply totaled 5.3 months, a decrease of 10 percent when compared to October 2017’s 5.8 months of supply. October’s months of supply increased 3.2 percent from September 2018’s 5.1 months.
Pricing: The Baldwin County median sales price in October was $239,300, an increase of 4 percent from one year ago and a decrease of 0.4 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the October median sales price on average increases from September by 1 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for homes sold during October was 90 days, a decrease of 4.3 percent from 94 days in October 2017 and an increase of 8.4 percent from 83 days in September.
Forecast: October sales were 25 units, or 4.8 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 523 sales for the month, while actual sales were 548 units. ACRE forecast a total of 5,628 residential sales in the Baldwin County area year-to-date, while there were 5,910 actual sales through October.
ACRE’s statewide perspective: While nationwide sales declined during September, residential sales in Alabama continued to grow during the early fall of 2018. Total residential sales in Alabama increased 8.5 percent year-over-year from 4,678 to 5,074 closed transactions. Year-to-date through September, statewide residential sales are up 6.8 percent from 44,272 one year ago to 47,283 currently. Home price appreciation in the state grew but at a slower pace than in previous months. The median sales price in September increased 0.6 percent from $161,480 to $162,482 while the year-to-date median sales price is up 4.4 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 8.9 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during September spent an average of 90 days on the market, an improvement of 18 days from 2017.
NAR’s national perspective: During September, nationwide sales volume for existing homes decreased 9.1 percent year-over-year from 462,000 to 420,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, rising interest rates played a significant role in September sales declines in markets across the nation. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”
Click here to view the entire monthly report.
The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin County Association of Realtors to better serve Gulf Coast consumers.