Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 472 units during February, up 15.1 percent from 410 sales in the same month a year earlier. February sales were also up 32.2 percent compared to 357 sales in January. Results were 3.4 percent above the five-year February average of 345 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 February were 2,872 units, an increase of 2.6 percent from February 2018’s 2,798 units and an increase of 1.3 percent from January 2019’s 2,836 units. February’s months of supply totaled 6.1 months, a decrease of 10.8 percent when compared to February 2018’s 6.8 months of supply. February’s months of supply decreased 23.4 percent from January 2019’s 7.9 months.
Pricing: The Baldwin County median sales price in February was $237,272, a decrease of 0.4 percent from one year ago and a decrease of 5.1 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the February median sales price on average increases from January by 1.2 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 February was 96 days, an increase of 1.1 percent from 95 days in February 2018 and an increase of 4.3 percent from 92 days in January 2019.
Forecast: February sales were three units, or 0.6 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 475 sales for the month, while actual sales were 472 units. ACRE forecast a total of 901 residential sales in the Baldwin County area year-to-date, while there were 829 actual sales through February.
ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant 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 January spent an average of 106 days on the market, an improvement of 10 days from 2018.
NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
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.