Sales: According to the Mobile Area Association of REALTORS, September home sales in the area increased 19.5% year-over-year (Y/Y) from 385 to 460 closed transactions. Sales were down 8.2% from August and are now up 10.1% 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 52.4% Y/Y from 1,402 listings one year ago to 668 in September. Months of supply dropped from 3.6 to 1.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in September was $179,000, an increase of 14% from one year ago and an increase of 4.1% from August. 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 September averaged 44 days on the market (DOM), 12 days faster than September 2019.
Forecast: September sales were 53 units, or 13%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 407 sales for the month, while actual sales were 460 units. ACRE forecast a total of 3,800 residential sales year-to-date, while there were 4,095 actual sales through September, a difference of 7.8%.
New Construction: The 34 new homes sold represent 7.4% of all residential sales in the area in September. Total sales increased 21.4% year-over-year. The median sales price in September was $261,900, an increase of 5.2% from August and an increase of 19.3% 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 September 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.
