Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 450 units during December, down 4.3 percent from 470 sales in the same month a year earlier. December sales were down 7.2 percent compared to 485 sales in November. Results were 8.9 percent above the five-year December average of 413 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 December were 3,282 units, an increase of 17.3 percent from December 2017’s 2,798 units and an increase of 14.2 percent from November’s 2018’s 2,875 units. December’s months of supply totaled 7.3 months, an increase of 22.5 percent when compared to December 2017’s 6 months of supply. December’s months of supply increased 23 percent from November 2018’s 5.9 months.
Pricing: The Baldwin County median sales price in December was $231,450, a decrease of 3.3 percent from one year ago and a decrease of 5.7 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the December median sales price on average increases from November by 3.8 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 December was 90 days, a decrease of 9.1 percent from 99 days in December 2017 and a decrease of 2.2 percent from 92 days in November.
Forecast: December sales were 57 units, or 11.3 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 507 sales for the month, while actual sales were 450 units. ACRE forecast a total of 6,593 residential sales in the Baldwin County area for 2018, while there were 6,845 actual sales.
ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.
NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”
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.