Sales: According to the Mobile Area Association of REALTORS, July home sales in the area increased 21.2% year-over-year (Y/Y) from 487 to 590 closed transactions. Sales were up 4.1% from June and are now up 9.8% 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 49.5% from 1,405 listings one year ago to 710 in July. Months of supply dropped from 2.9 to 1.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in July was $165,000, an increase of 3.1% from one year ago and a decrease of 3.5% from June. 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 July averaged 49 days on the market (DOM), 10 days faster than July 2019.
Forecast: July sales were 126 units, or 27.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 464 sales for the month, while actual sales were 590 units. ACRE forecast a total of 2,947 residential sales year-to-date, while there were 3,134 actual sales through July, a difference of 6.4%.
New Construction: The 39 new homes sold represent 6.6% of all residential sales in the area in July. Total sales increased 11.4% year-over-year. The median sales price in July was $248,900, an increase of 11.6% from June and an increase of 13.4% from one year ago.
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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.
