Sales: According to the Mobile Area Association of REALTORS, December home sales in the area increased 2.2% year-over-year (Y/Y) from 407 to 416 closed transactions. Going against seasonal trends, sales decreased 0.2% from November. Home sales in the area are now up 11.9% 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 55.3% from 1,213 listings one year ago to 542 in December. Months of supply dropped from 3.0 to 1.3, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in December was $175,000, an increase of 6.7% from one year ago and a decrease of 2.9% from November. 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 December averaged 38 days on the market (DOM), 20 days faster than December 2019.
Forecast: December sales were 52 units, or 14.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 364 sales for the month, while actual sales were 416 units. ACRE forecast a total of 4,915 residential sales year-to-date, while there were 5,435 actual sales through December, a difference of 10.5%.
New Construction: The 46 new homes sold represent 11.1% of all residential sales in the area in December. Total sales increased 35.3% year-over-year. The median sales price in December was $281,900, an increase of 26.4% from one year ago and an increase of 4.8% from November.
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 December 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.
