Median home sales price in Baldwin County up 6.4% in June from one year ago

Median home sales price in Baldwin County up 6.4% in June from one year ago
The number of homes sold in June was 11.1% above the five-year June average of 605 sales. (iStock)

Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 672 units during June, down 8.7% from 736 sales in the same month a year earlier. June sales were also down 8.2% compared to 732 sales in May. Results were 11.1% above the five-year June average of 605 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 June were 2,899 units, an increase of 1.2% from June 2018’s 2,865 units but a decrease of 2.5% from May 2019’s 2,974 units. June’s months of supply totaled 4.3 months, up 10.8% from June 2018’s 3.9 months of supply. June’s months of supply increased 6.2% when compared to May 2019’s 4.1 months of supply. June’s months of supply was 14.9% lower than the five-year average of 5.1 months of supply.

Pricing: The Baldwin County median sales price in June was $259,200, an increase of 6.4% from one year ago and an increase of 1.8% from the prior month. This direction is consistent with historical data (2014-18) indicating that the June median sales price on average increases from May by 0.6%. 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 June was 83 days, unchanged from one year ago, and an increase of 6.4% from 78 days in May 2019.

Forecast: June sales were 51 units, or 5.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 713 sales for the month, while actual sales were 672 units. ACRE forecast 3,577 residential sales in the Baldwin County area year-to-date, while there were 3,521 actual sales through June.

ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to 5 consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% 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 May spent an average of 88 days on the market, an improvement of 12 days from May 2018.

NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

 

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.

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