Baldwin County residential sales in September rose 21.1 percent from the same period in 2012. There were 362 residential closings in September reflecting an increase of 63 units over 2012. September closed sales by unit are 33.6 percent above the prior 5-year September average ('08-'12). Year-to-date through September, closed transactions are up 14.7 percent.
View full sizeBaldwin County residential sales up 21% in September. Inventory is now down 52% from its September 2006 peak. Infograph courtesy of ACRE. All rights reserved.
Supply: The Baldwin County housing inventory in September was 2,952 units, an increase of 2.3 percent from September 2012. The area's housing inventory has declined by 51.9 percent from the month of September peak in 2006 (6,137 units). There were 8.2 months of housing supply (6-7 months considered equilibrium) in September 2013 versus 9.7 months of supply in September 2012, representing a decrease of 15.5 percent. September inventory increased by .2% from the prior month. This is consistent with historical data indicates that September inventory on average (’08-’12) traditionally increases from the month of August by 1.6 percent.
Demand: September residential sales consistent with seasonal buying patterns decreased 17.2% from the prior month. This direction is consistent with historical data indicating that September sales, on average (’08-’12), decline from the month of August by 5.1 percent.Existing single family home sales accounted for 63% percent (same as Sept'12) of total sales while 4 percent (down from 6% in Sept'12) were new home sales and 33 percent (up from 31% in Sept'12) were condo buyers.Pricing: The Baldwin County median selling price in August was $185,500 an increase of 15.2 percent from last August ($161,000) but slipped 2.3 percent from the prior month ($189,950). Real estate sales are seasonal and this monthly movement is consistent with historical data ('08-'12) that indicates the August median selling price traditionally decreases from the month of July by 2.3 percent. They said it - Lawrence Yun, NAR chief economist: "The market may be experiencing a temporary peak (3rd quarter). Rising mortgage interest rates pushed more buyers to close deals (in August), but monthly sales are likely to be uneven in the months ahead."See how Baldwin County compares to other Alabama real estate markets.
The Baldwin County Residential Monthly Report
is work product developed in conjunction with the Baldwin County Association of REALTORS
to better serve gulf coast consumers. The ACRE monthly report is provided to illustrate the "general" market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within a city including subdivisions.