Sales: According to the Baldwin Realtors, Baldwin County residential sales totaled 617 units during December, up 37.1% from 450 sales in the same month a year earlier. December sales were up 14.9% compared to 537 sales in November. Results were 43.8% above the five-year December average of 429 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 2,626 units, a decrease of 20% from December 2018’s 3,282 units and a decrease of 4.1% from November 2019’s 2,738 units. December’s months of supply totaled 4.3 months, down 41.6% from December 2018’s months of supply. December’s months of supply decreased 16.5% when compared to November 2019’s 5.1 months of supply. December’s months of supply figure was 36.2% lower than the five-year December average of 6.7 months of supply.
Pricing: The Baldwin County median sales price in December was $245,000, an increase of 5.9% from one year ago and a decrease of 3.2% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the December median sales price on average increases from November by 0.3%. 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 81 days, down 10% from 90 days one year ago and up 2.5% from 79 days in November 2019.
Forecast: December sales were 83 units, or 15.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 534 sales for the month, while actual sales were 617 units. ACRE forecast 7,073 residential sales in the Baldwin County area year-to-date, while there were 7,233 actual sales through December.
ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.
NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.
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The Baldwin County Residential Monthly Report is developed in conjunction with the Baldwin Realtors to better serve Gulf Coast consumers.