Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 657 units during April, up 0.6 percent from 645 sales in the same month a year earlier. April sales were up 4.1 percent compared to 631 sales in March. Results were 30.1 percent above the five-year April average of 505 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 April were 2,948 units, an increase of 0.5 percent from April 2018’s 2,934 units and a decrease of 1 percent from March 2019’s 2,979 units. April’s months of supply totaled 4.5 months, equal to April 2018’s months of supply. April’s months of supply decreased 5 percent when compared to March 2019’s 4.7 months of supply. April’s months of supply was 25.4 percent lower than the five-year average of 6 months of supply.
Pricing: The Baldwin County median sales price in April was $242,000, a decrease of 3.2 percent from one year ago and a decrease of 2.2 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the April median sales price on average increases from March by 12.1 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 April was 90 days, an increase of 2.3 percent from 88 days in April 2019 and an increase of 3.4 percent from 87 days in March 2019.
Forecast: April sales were 25 units, or 3.96 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 632 sales for the month, while actual sales were 657 units. ACRE forecast 2,157 residential sales in the Baldwin County area year-to-date, while there were 2,117 actual sales through April.
ACRE’s statewide perspective: While nationwide residential sales dropped 8 percent in March, demand for housing in Alabama remained strong. Statewide residential sales increased slightly (0.02 percent) from 5,341 closed transactions in March 2018 to 5,342 in March 2019. Year-to-date, sales increased 3.6 percent from 2018. Home price appreciation in the state continued to climb but at a slower pace as the median sales price in March increased 2.6 percent year-over-year from $158,617 to $162,759. The statewide median sales price is also up 3.6 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.3 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season 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 March spent an average of 99 days on the market, an improvement of 19 days from March 2018.
NAR’s national perspective: During March, total existing-home sales nationwide declined 7.8 percent from approximately 434,000 closed transactions one year ago to 400,000 currently. The nationwide median existing-home price increased 3.8 percent in March, marking 85 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”
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.