Sales: According to the Baldwin Realtors, Baldwin County residential sales totaled 537 units during November, up 10.7% from 485 sales in the same month a year earlier. November sales were down 10.9% compared to 603 sales in October. Results were 34.9% above the five-year November average of 398 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 November were 2,738 units, a decrease of 4.8% from November 2018’s 2,875 units and a decrease of 3% from October 2019’s 2,823 units. November’s months of supply totaled 5.1 months, down 14% from November 2018’s months of supply. November’s months of supply increased 8.9% when compared to October 2019’s 4.7 months of supply. November’s months of supply figure was 30% lower than the five-year November average of 7.3 months of supply.

Pricing: The Baldwin County median sales price in November was $253,000, an increase of 3.1% from one year ago and an increase of 1.2% from the prior month. This direction is consistent with historical data (2014-18) indicating that the November median sales price on average increases from October by 3.2%. 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 November was 79 days, down 14.1% from 92 days one year ago and down 8.1% from 86 days in October 2019.

Forecast: November sales were 44 units, or 8.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 493 sales for the month, while actual sales were 537 units. ACRE forecast 6,539 residential sales in the Baldwin County area year-to-date, while there were 6,616 actual sales through November.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth 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 October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

Click here to view the entire monthly report.

The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.