Sales: According to the Baldwin County Association of Realtors/Multiple Listing Service, Baldwin County residential sales totaled 732 units during May, up 10.4% from 664 sales in the same month a year earlier. May sales were up 11.4% compared to 657 sales in April. Results were 30.3% above the five-year May average of 562 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 May were 2,974 units, an increase of 1.2% from May 2018’s 2,940 units and an increase of 0.9 % from April 2019’s 2,948 units. May’s months of supply totaled 4.1 months, down 8.2% from May 2018’s 4.4 months of supply. May’s months of supply decreased 9.5% when compared to April 2019’s 4.5 months of supply. May’s months of supply was 26.1% lower than the five-year average of 6 months of supply.
Pricing: The Baldwin County median sales price in May was $254,500, an increase of 6.3% from one year ago and an increase of 5.2% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the May median sales price on average decreases from April by 1.5%. 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 May was 78 days, a decrease of 14.3% from 91 days in May 2019 and a decrease of 13.3% from 90 days in April 2019.
Forecast: May sales were 25 units, or 3.5 %, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 707 sales for the month, while actual sales were 732 units. ACRE forecast 2,864 residential sales in the Baldwin County area year-to-date, while there were 2,849 actual sales through May.
ACRE’s statewide perspective: While nationwide residential sales dropped 1% in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4% from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8% from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2% year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7% 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 April spent an average of 93 days on the market, an improvement of three days from April 2018.
NAR’s national perspective: During April, total existing-home sales nationwide declined 1.1% from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6% in April, marking 86 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions. Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
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.