Baldwin County MLS
Observations June 2008:
This report is a summary from our 100 page monthly report.
Real Estate statistics for the Baldwin County, Alabama coastal areas for the month of June:
For the first half of the year, sales are down 27% to $419,863,576 in 2008 vs. $574,548,394 in 2007. June sales decreased 12% To $80,689,504 from $91,689,504 in May, 26% below last year
(see page A-1). This could be what a bottom looks like. Sellers still have a ways to go in adjusting their expectations but there are buyers out there, very picky ones for sure. This does not mean a rebound, but perhaps a halt in the freefall. On a unit basis, sales of used houses deteriorated by 16% to 260 vs. 311 last month. New house unit sales improved 26% to 62 from 49 last month (Sect A P 17).
New listings for new houses decreased in June to 84 from 108 in May. Reflecting the long lead time for some developments, (and withdrawn and relisting by frustrated sellers) new listings are running at 1.3 times the rate of sales of new houses, much better than in past months. (Chart Section C Page 1 And Table Sect A P18). Used houses new listings increased slightly to 831 this month from 829 in May. Net active listings were slightly down for both new and used houses. (See below).
Average sales price for new units decreased to $253,883 from $295,960 last month. There were 5 New houses sold over $500,000 in June which is the same as last three months. One of the 113 over $900,000 new houses sold. (See Page A-14). The average Used house price increased to $249,802 from $247,345 in May.
Interestingly, and encouraging, the absolute number of used houses active on the market has generally declined since peaking at 6,280 in May 2007, now at 5,606. The new house market peaked out in September 2006 at 2,146 active and now sits at 964. There were 5,604 used houses active in June, a slight decrease from a 5,864 in May. There were 964 new houses active in June, a decrease from 1,091 in May. The Absorption rate for new houses was 15.8 months of inventory for June vs. 17.3 in May. The Absorption rate for used houses was 23.6 months of inventory for June vs. 24.2 in May. (See Section A Page 17).
Click on the table on the right for detailed inventory and sales information by price range, the full report has this information broken down by area.
*All references to last month numbers are revised, to pick up late entries (made after our
prior publication date) to the MLS system.