Sales: According to the Mobile Area Association of Realtors, April home sales in the Mobile area increased 14.7% year-over-year from 423 to 485 closed transactions. Following seasonal trends, sales were up 15.8% from March. Sales are now up 9.5% year-to-date, but are likely to moderate amid the growing economic impact of COVID-19. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: Homes listed for sale decreased 28.9% from 1,447 listings one year ago to 1,029 in April. Months of supply dropped from 3.4 to 2.1, reflecting a seller’s market in the area.
Pricing: The median sales price in April was $165,000, an increase of 8.6% from one year ago and an increase of 1.2% from March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in April averaged 57 days on the market (DOM), equal to April 2019.
Forecast: April sales were 48 units, or 11%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 437 sales for the month, while actual sales were 485 units. ACRE forecast a total of 1,523 residential sales year-to-date, while there were 1,554 actual sales through April, a difference of 2%.
Click here to view the entire monthly report.
The Mobile Residential Monthly Report is developed in connection with the Mobile Area Association of Realtors to better serve area consumers.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
