Baldwin County homes selling faster in March compared to one year ago

Baldwin County homes selling faster in March compared to one year ago
The Baldwin County median home sales price in March was $247,500, an increase of 5.8 percent from one year ago. (iStock)

Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 631 units during March, down 0.6 percent from 635 sales in the same month a year earlier. March sales were up 37.7 percent compared to 472 sales in February. Results were 21.6 percent above the five-year March average of 519 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 March were 2,979 units, a decrease of 0.3 percent from March’s 2018’s 2,987 units and an increase of 3.7 percent from February 2019’s 2,872 units. March’s months of supply totaled 4.7 months, equal to March 2018’s month’s of supply. March’s month of supply decreased 22.4 percent when compared to February 2019’s 6.1 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 March was $247,500, an increase of 5.8 percent from one year ago and an increase of 4.3 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the March median sales price on average decreases from February by 1.6 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 March was 87 days, a decrease of 13.9 percent from 101 days in March 2019 and a decrease of 9.4 percent from 96 days in February 2019.

Forecast: March sales were seven units, or 1.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 624 sales for the month, while actual sales were 631 units. ACRE forecast a total of 1,525 residential sales in the Baldwin County area year-to-date, while there were 1,460 actual sales through March.

ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.

NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”

 

 

 

 

 

 

 

 

 

 

 

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.

Related Stories