It sounds like he is doing well. All children pick up langauge at different times. Some kids start talking sooner than others but, as long as there is not a learning disability, then they pretty much catch up with each other by the time they are ready to start school. Here are somethings you can do to help your son's talking speaking skills:
** Talk, talk, talk to him as much as possible, labeling anything and everything that you cross paths with.
** Resist the impulse to talk for him or talk over him. When you are labeling stuff, pause for a bit and give him a chance to mimic you. If you ask him a question like, "Do you want some juice?" pause for a bit and give him a chance to say "yes" or "no" and then give him the words to help him out.
The fact that he's very sociable, babbling and pointing is great! Try putting these two things to the test and give him a little bit more time to start developing his speaking skills. If you don't see any noticable improvements within the next 6 months, then definitely address the issue with your pediatrician to see if your son would benefit from some speech thereapy. Probably, by then, your concerns will be a non-issue.