January home sales in the Mobile area increase 14% from one year ago

Sales: According to the Mobile Area Association of REALTORS, January home sales in the area increased 14.2% year-over-year (Y/Y) from 317 to 362 closed transactions. Following seasonal trends, sales decreased 13% from December. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: Homes listed for sale decreased 57.4% from 1,194 listings one year ago to 509 in January. Months of supply dropped from 3.8 to 1.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in January was $180,000, an increase of 18.5% from one year ago and an increase of 2.9% from December. 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 January averaged 38 days on the market (DOM), 18 days faster than January 2020.

Forecast: January sales were 8 units, or 2.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 354 sales for the month, while actual sales were 362 units.

New Construction: The 19 new homes sold represent 5.2% of all residential sales in the area in January. Total sales increased 11.8% year-over-year. The median sales price in January was $290,400, an increase of 27.4% from one year ago and an increase of 3% from December.

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 January 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.

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