Baldwin Residential Real Estate Center for Real Estate Studies Baldwin Multi List http://cres.southalabama.edu Report for the period ending November, 2009 Baldwin County Residential Market (Total, North, Central, South) We hope you find this new report interesting and useful. It is designed to provide a snapshot view of the residential housing market. Comments are always welcome. The average sales price in November declined 8.32 percent to $204,187 while the median sales price declined 1.52 percent to $168,900. Average sale prices in the North decreased 10.59 percent to $151,125, increased 0.12 percent in the Central area to $164,594, and increased 72.41 percent in the South to $283,432. Concurrently, sales rose by one to 18 in the North, increased to 146 in the Central area, and declined to 85 in the South. For the whole county, sales rose by 9 to 249. Average days on the market for the whole county fell to 176 from 206 in October. This same number for the North rose by one to 18, increased to 146 in the Central region, and declined in the South from 100 in October to 85 in November. The number of sales for September in the U.S. increased by 7.8 percent while the median sales price declined 6.5 percent to $174,900. The number of months required to sell the existing inventory declined significantly to 7.8. The National Association of Realtors recommends a 6 to 8 month range for a healthy market. The second page shows MLS data for the three Baldwin County areas. North is north of I-10. Central is between I-10 and the International Waterway. South is south of the Waterway. Data for the Total County are explained above. United States Existing Home Prices for All Housing Types Time Sales Ave. Sales Price Med. Sales Price Inventory Mo. Supply Sep-08 438,000 $235,000 $191,200 10.1 Aug-09 413,000 $222,400 $177,300 9.3 Sep-09 472,000 $219,800 $174,900 7.8 Vs. Last Year (%) 7.8 -6.5 -8.5 -22.8 Median Sales Price $195,000 $190,000 $185,000 $180,000 $175,000 $170,000 $165,000 Sep-08 Aug-09 Sep-09 Data Sources: All data taken from the Baldwin Multi-List, Martha Taylor, Office: 251. 928.1708, and the National Association of Realtors. For additional information, contact Dr. Don Epley, Director, Center for Real Estate Studies, Mitchell College of Business, University of South Alabama, Office: 251.460.6735, E-mail: depley@usouthal.edu University of South Alabama takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. November 2009 Baldwin County Residential Report North No. of Sales North Avg Sales Price $250,000 20 $200,000 15 $150,000 10 $100,000 5 $50,000 0 $0 Nov-06 Nov-07 Month Nov-08 Ave. Sales $ Nov-06 $213,718 Nov-07 $207,511 Nov-08 $209,457 Oct-09 Nov-06 Nov-09 Nov-07 Nov-08 % Change Month # Sales Nov-06 -2.90 0.94 Nov-07 17 18 14 17 18 274 235 Nov-08 Oct-09 $169,018 Nov-09 $151,125 -10.59 Nov-09 Oct-09 Annual 07 Annual 08 $215,698 $204,185 -5.34 Annual 07 Annual 08 Oct-09 Nov-09 % Change 5.88 -22.22 5.88 -14.23 Central No. of Sales Average Sales Price 200 $300,000 $250,000 150 $200,000 100 $150,000 $100,000 50 $50,000 $0 0 Nov-06 Nov-07 Nov-08 Month Ave. Sales $ Nov-06 $233,534 $273,496 $192,430 $164,392 $164,594 $238,721 $223,901 Nov-07 Nov-08 Oct-09 Nov-09 Annual 07 Annual 08 Oct-09 Nov-09 Nov-06 % Change Nov-07 Nov-08 Month # Sales Nov-06 159 115 88 123 146 2085 1561 17.11 -29.64 Nov-07 0.12 Nov-09 -6.21 Annual 07 Annual 08 Nov-08 Oct-09 Oct-09 Nov-09 % Change -27.67 -23.48 18.70 -25.13 South No. of Sales South Avg Sales Price 120 100 80 60 40 20 0 $800,000 $600,000 $400,000 $200,000 $0 Nov-06 Nov-07 Month Nov-06 Nov-07 Nov-08 Oct-09 Nov-09 Annual 07 Annual 08 Nov-08 Oct-09 Nov-09 Ave. Sales $ % Change $233,534 $273,496 $192,430 $164,392 $283,432 $407,403 $404,927 Nov-06 Nov-07 Nov-08 Month # Sales Nov-06 63 57 71 100 85 913 943 17.11 -29.64 Nov-07 72.41 Nov-09 -0.61 Annual 07 Annual 08 Nov-08 Oct-09 Oct-09 Nov-09 % Change -9.52 24.56 -15.00 3.29