Sales: According to the Mobile Area Association of REALTORS, June home sales in the area increased 21.9% year-over-year from 465 to 567 closed transactions. Following seasonal trends but to a greater degree, sales were up 34% from May. Sales are now up 7.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: Homes listed for sale decreased 44.4% from 1,389 listings one year ago to 772 in June. Months of supply dropped from 3.0 to 1.4, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in June was $171,000, an increase of 7.6% from one year ago and an increase of 2.7% from May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in June averaged 52 days on the market (DOM), five days slower than June 2019.
Forecast: June sales were 82 units, or 16.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 485 sales for the month, while actual sales were 567 units. ACRE forecast a total of 2,483 residential sales year-to-date, while there were 2,544 actual sales through June, a difference of 2.5%.
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 June 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.
