(Published on - 11/9/2015 6:49:16 PM)
According to the Alabama Center for Real Estate at the University of Alabama’s Culverhouse College of Commerce, the Baldwin County residential market continues to heat up with September 2015 results showing solid year-over-year growth.
Total Residential Sales:
In its Baldwin County Residential Report - September 2015, the Center reports that total residential sales for September 2015 totaled 456 units, or 89 more transactions than the same month in 2014, which came in at 367 units. An overall increase of 24.3%. The sale of existing single-family homes, which accounted for 60% of all residential sales, stood at 275 in September 2015 compared to 224 in 2014. For condo’s,132 sales were reported in September 2015 compared to 115 sales in September of last year. When looking at the 5-year average for the month, September 2015 residential sales were up 46.1%.
Median Sales Price:
The medium sales price in Baldwin County for September 2015 was $200,338, a 5.4% increase over the September 2014 medium sales price of $190,000. The medium sales price for existing single-family homes rose to $183,881 from $165,700 in 2014. For condo’s, the price in September 2015 stood at $251,750 versus $242,000 for the same month in 2014. When looking at the 5-year average for the month, the medium sales price has risen 15.7%.
Total Units Listed for Sale:
While sales and medium sales prices continue to climb, the number of units available for sale continue to decline signifying a tightening real-estate market.
In September 2015, 3050 residential units were listed for sale, representing a near 2% decline when compared with September 2014. For existing family homes, 1,816 units were listed for sale versus 1,881 for the same month last year. For condo units, 1,032 were up for sale compared with 1,045 in 2014. The 5-year average for the month shows an overall 7.6% decline in available units for sale.
The inventory-to-sales ratio tells us the number of months of supply. It’s a key measure of our real estate market because it takes both supply and demand into account telling us how balanced our market is. A lower ratio - fewer months of supply - tells us the demand for housing is healthy. A higher ratio signifies that demand is cooling off.
For September 2015, the inventory-to-sales ratio was 6.7 down from 8.5 for the same month last year. The 5-year average for the month shows a 40.2% decline in the ratio - a very significant and encouraging sign for the real estate market in Baldwin County.
Click here to access the full report.