Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 649 units during July, up 0.3% from 647 sales in the same month a year earlier. July sales were down 3.4% compared to 672 sales in June. Results were 16.1% above the five-year July average of 559 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 July were 2,875 units, a decrease of 0.9% from July 2018’s 2,902 units and a decrease of 0.8% from June 2019’s 2,899 units. July’s months of supply totaled 4.4 months, down 1.2% from July 2018’s 4.5 months of supply. July’s months of supply increased 2.7% when compared to June 2019’s 4.3 months of supply. July’s months of supply was 23.2% lower than the five-year average of 5.8 months of supply.
Pricing: The Baldwin County median sales price in July was $250,000, an increase of 6.8% from one year ago and a decrease of 3.5% from the prior month. This direction is consistent with historical data (2014-18) indicating that the July median sales price on average decreases from June by 3.8%. 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 July was 90 days, up 2.3% from 88 days one year ago, and an increase of 8.4% from 83 days in June 2019.
Forecast: July sales were 21 units, or 3.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 670 sales for the month, while actual sales were 649 units. ACRE forecast 4,247 residential sales in the Baldwin County area year-to-date, while there were 4,170 actual sales through July.
ACRE’s statewide perspective: After a slight decline in June, statewide residential sales rebounded in July, increasing 10.2% from 5,722 closed transactions in July 2018 to 6,307 in July 2019. Year-to-date, sales are up 3.1% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in July increased 4.6% year-over-year from $169,178 to $176,926. The statewide median sales price is up 4.2% year-to-date. While nationwide inventory levels (active listings) decreased 1.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.9% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the summer buying season of 2019. With low inventory levels, it is surprising to see homes selling at a slightly slower pace than one year ago. Homes selling in Alabama during July spent an average of 89 days on the market, an increase of three days from July 2018.
NAR’s national perspective: After a 7.4% drop in June, existing home sales strengthened in July. Nationwide residential sales increased 3.3% from approximately 523,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.3% in July, marking 89 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Falling mortgage rates are improving housing affordability and nudging buyers into the market.” However, he added that the supply of affordable housing is low across the nation. “The shortage of lower-priced homes has markedly pushed up home prices.”
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.