Sales: According to the Mobile Area Association of REALTORS, February home sales in the area increased 17.4% year-over-year (Y/Y) from 333 to 391 closed transactions, marking nine consecutive months of Y/Y gains. Following seasonal trends, sales increased 8% from January. Sales are now up 15.9% 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 64.2% from 1,139 listings one year ago to 408 in February. Months of supply dropped from 3.4 to 1.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $183,000, an increase of 15.9% from one year ago and an increase of 1.7% from January. 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 February averaged 38 days on the market (DOM), 37 days faster than February 2020.
Forecast: February sales were 15 units, or 3.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 376 sales for the month, while actual sales were 391 units. ACRE forecast a total of 730 residential sales year-to-date, while there were 753 actual sales through February, a difference of 3.1%.
New Construction: The 36 new homes sold represent 9.2% of all residential sales in the area in February. Total sales increased 20% year-over-year. The median sales price in February was $239,450, an increase of 7.9% from one year ago and a decrease of 17.5% from January.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.