Baldwin County MLS* Observations for the month of March 2010: Real Estate Statistics for the Baldwin County, Alabama Coastal Areas:
Sales in March improved dramatically, increasing 54% to $76,674,753 from February’s $49,691,902. This is 27% above last year in March ($60,434,702) (Sect A p.2). As a result the 12 month moving average line of sales is turning up. The total number of Active home listings continues to trend down. The inventory of Used homes remains at a high level, but improving. This months’ sales improvement included upper end home sales which is a very encouraging sign.
- Our chart in Section A p.19, shows the historical trends for absolute units of inventory and months of inventory for New and Used units. This chart shows that there is a pronounced drop in inventory levels, which while still high, continues to have a favorable trend.
Daphne/Montrose area and Orange Beach continue to show positive unit sales.
The 12 month moving average line of unit sales for Used homes has a pronounced upward slope. This is far better that the bottomless drop which has been the case for a while. On a unit basis, sales of all houses improved to 380 vs. 255 last month. Used house unit sales were up at 348 vs. 230 last month. This is the highest number of used sales since 2005. New home unit sales improved to 32 from 25 last month (Sect A p.18). The low sales of new homes reflect the intense competition from existing, and an extended slowdown of new construction. Given high inventory levels however, any building must be approached with extreme caution.
New listings for New houses remained moderate at 63 in March from 66 in February, but this is still almost 2 times the number of sales. Used houses New listings increased to 982 this month from 819 in February.
The absolute number of Used Active homes on the market, which had a slight peak mid-summer, has once again started to level out, or even decline slightly. In March, there were 4,982 Active Used homes, a 4% reduction from 5,194 in February. The New home market which peaked in March 2006 at 2,144 Active, now sits at 418.
The Absorption rate for New homes was 13 months of inventory for March vs. 14 in February.
The Absorption rate for Used houses was 18 months of inventory for March vs. 19 in February. (Sect A p.17).
Average sales price for New units increased to $212,826 from $186,381 last month. Life is still very difficult for those trying to sell higher priced homes, and inventory continues to climb. See the tables for details. (Sect A p.14). The Average Used home price increased to $200,760 from $195,793 in February.
Average Days On Market for Sold properties in March were 296 this month vs. 183 last month for New this jump due to a number of upper end homes being sold that had been on the market for extended periods of time. Days On Market for used was 157 this month vs 174 last month. (Note that we corrected a calculation for Days On Market so that these numbers are not directly comparable to prior reports.)