Mobile-area home sales continue to rise in March

Sales: According to the Mobile Area Association of REALTORS, March home sales in the area increased 23.4% year-over-year (Y/Y) from 419 to 517 closed transactions, marking 10 consecutive months of Y/Y gains. Following seasonal trends, sales increased 32.2% from February. Sales are now up 18.8% 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 63.7% from 1,162 listings one year ago to 422 in March. Months of supply dropped from 2.8 to 0.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in March was $189,450, an increase of 16.2% from one year ago and an increase of 3.5% from February. 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 March averaged 34 days on the market (DOM), 29 days faster than March 2020.

Forecast: March sales were 5 units, or 1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 512 sales for the month, while actual sales were 517 units. ACRE forecast a total of 1,242 residential sales year-to-date, while there were 1,270 actual sales through March, a difference of 2.2%.

New Construction: The 27 new homes sold represent 5.2% of all residential sales in the area in March. Total sales decreased 28.9% year-over-year. The median sales price in March was $285,400, an increase of 26.9% from one year ago and an increase of 19.2% from February.

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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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