Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 485 units during November, up 10.7 percent from 438 sales in the same month a year earlier. November sales were down 11.5 percent compared to 548 sales in October. Results were 28.5 percent above the five-year November average of 377 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 November were 2,875 units, an increase of 6.3 percent from November 2017’s 2,704 units and a decrease of 0.1 percent from October’s 2018’s 2,878 units. November’s months of supply totaled 5.9 months, a decrease of 4 percent when compared to November 2017’s 6.2 months of supply. November’s months of supply increased 12.9 percent from October 2018’s 5.3 months.
Pricing: The Baldwin County median sales price in November was $245,510, an increase of 1.2 percent from one year ago and an increase of 2.6 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average increases from October by 3.2 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 November was 92 days, a decrease of 6.1 percent from 98 days in November 2017 and an increase of 2.2 percent from 90 days in October.
Forecast: November sales were 27 units, or 5.9 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 458 sales for the month, while actual sales were 485 units. ACRE forecast a total of 6,086 residential sales in the Baldwin County area year-to-date, while there were 6,395 actual sales through November.
ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 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 October spent an average of 98 days on the market, an improvement of 15 days from 2017.
NAR’s national perspective: During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”
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.