Mobile-area real estate market continues growth in November

Sales: According to the Mobile Area Association of REALTORS, November home sales in the area increased 25.6% year-over-year (Y/Y) from 332 to 417 closed transactions. Following seasonal trends, sales decreased 17.8% from October. Home sales in the area are now up 12.8% 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 55.5% from 1,313 listings one year ago to 585 in November. Months of supply dropped from 4.0 to 1.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in November was $180,300, an increase of 13.1% from one year ago and an increase of 2.4% from October. 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 November averaged 38 days on the market (DOM), 18 days faster than November 2019.

Forecast: November sales were 61 units, or 17.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 356 sales for the month, while actual sales were 417 units. ACRE forecast a total of 4,551 residential sales year-to-date, while there were 5,019 actual sales through November, a difference of 10.3%.

New Construction: The 37 new homes sold represent 8.9% of all residential sales in the area in November. Total sales increased 37% year-over-year. The median sales price in November was $268,900, an increase of 21.2% from one year ago and an increase of 0.4% from October.

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 November 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.