Sales: According to the Mobile Area Association of REALTORS, August home sales in the area increased 4.2% year-over-year (Y/Y) from 481 to 501 closed transactions. Sales were down 15% from July and are now up 9% 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 56.3% from 1,392 listings one year ago to 608 in August. 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 August was $172,000, an increase of 11% from one year ago and an increase of 4.3% from July. 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 August averaged 52 days on the market (DOM), 11 days faster than August 2019.
Forecast: August sales were 55 units, or 12.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 446 sales for the month, while actual sales were 501 units. ACRE forecast a total of 3,393 residential sales year-to-date, while there were 3,635 actual sales through August, a difference of 7.1%.
New Construction: The 29 new homes sold represent 5.8% of all residential sales in the area in August. Total sales decreased 32.6% year-over-year. The median sales price in August was $248,900, an increase of 0% from July 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 August 1 – 30, 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.
