Mobile-area days on market hits record low in May

Sales: According to the Mobile Area Association of REALTORS, May home sales in the area increased 26.7% year-over-year (Y/Y) from 423 to 536 closed transactions, marking 12 consecutive months of Y/Y gains. Sales increased 4.3% from April. Sales are now up 19.7% 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 46.5% from 874 listings one year ago to 468 in May. Months of supply dropped from 2.1 to 0.9, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in May was $214,400, a record high and an increase of 28.8% from one year ago and an increase of 12.8% from April. 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 May averaged 22 days on the market (DOM), a record low and 27 days faster than May 2020.

Forecast: May sales were 13 units, or 2.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 523 sales for the month, while actual sales were 536 units. ACRE forecast a total of 2,281 residential sales year-to-date, while there were 2,366 actual sales through May, a difference of 3.7%.

New Construction: The 45 new homes sold represent 8.4% of all residential sales in the area in May. Total sales increased 45.2% year-over-year. The median sales price in May was $278,900, an increase of 23.5% from one year ago and a decrease of 5.4% from April.

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

Share on facebook
Share on twitter
Share on linkedin
Share on email