Sales: According to the Baldwin Realtors, Baldwin County residential sales totaled 603 units during October, up 10% from 548 sales in the same month a year earlier. October sales were down 3.5% compared to 625 sales in September. Results were 28.7% above the five-year October average of 468 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 October were 2,823 units, a decrease of 1.9% from October 2018’s 2,878 units and a decrease of 3.3% from September 2019’s 2,918 units. October’s months of supply totaled 4.7 months, down 10.9% from October 2018’s months of supply. October’s months of supply increased 0.3% when compared to September 2019’s 4.7 months of supply. October’s months of supply figure was 25.9% lower than the five-year October average of 6.3 months of supply.
Pricing: The Baldwin County median sales price in October was $250,000, an increase of 4.5% from one year ago and an increase of 3.5% from the prior month. This direction is consistent with historical data (2014-18) indicating that the October median sales price on average increases from September by 0.4%. 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 October was 86 days, down 4.4% from 90 days one year ago and up 11.7% from 77 days in September 2019.
Forecast: October sales were 41 units, or 7.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 562 sales for the month, while actual sales were 603 units. ACRE forecast 6,046 residential sales in the Baldwin County area year-to-date, while there were 6,079 actual sales through October.
ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.
NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”
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.
