Economic Snapshot Overview by Dr. Reid Cummings - December 2017
Greetings, and welcome to the December 2017 Mobile Bay Economic Snapshot.
This month’s commentary focuses on the local real estate market. As has been the trend for most of the year, monthly Mobile and Baldwin County existing single-family real estate sales were less than those recorded during the same period last year. Probate court records show 461 sales in Mobile County and 350 sales in Baldwin County, versus 520 in Mobile County and 364 in Baldwin County in October 2016. For the year, Mobile County sales through October totaled 5,025, a 13.0% drop compared to 2016. Although Baldwin County also has seen fewer 2017 sales, 3,400 versus 3,757 in 2016, the decline was slightly less at 9.5%. New single-family residential sales continued to increase year-over-year in Baldwin County, with 1,033 units sold, a 7.0% increase versus 2016. The reverse was true in Mobile County, with 283 units sold in 2017, a decrease of 18.4% compared to the same period in 2016.
Although fewer numbers of sales of existing and new residential units have been recorded year-to-date in Baldwin County than in Mobile County, sales volume tells a different story. Baldwin court records reveal $847.2 million and $256.6 million of existing and new single-family home sales, respectively, versus Mobile’s $675.5 million and $62.3 million. Condominium sales in Baldwin County continued to impress as well, totaling $542.2 million for the year. It is also noteworthy that 52.6% of Baldwin County condominium buyers paid cash.
Commercial sales in Mobile County have been strong in 2017 thus far, with 241 sales recorded, totaling $337.9 million. Although the 303 commercial sales recorded in Baldwin County for the year outnumber those in Mobile County, sales volume was far less, totaling only $173.3 million.
Through October 2017, Mobile and Baldwin County real estate sales totaled $2.9 billion. At the current pace, it is highly likely that our area’s total sales will exceed the $3.5 billion mark!
Until next time, from everyone at the Center, we wish you and yours all of the best during the holiday season.