Sales: According to the Mobile Area Association of REALTORS, August home sales in the area increased 8.6% year-over-year (Y/Y) from 501 to 544 closed transactions. Going against seasonal trends, sales increased 3.4% from July. Sales are up 12.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: August listings (693) increased 9.8% from July and increased 14% from one year ago, the first Y/Y inventory gain since October 2013. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.2 months in July and up from 1.2 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in August was $202,450, an increase of 17.7% from one year ago and a decrease of 1.2% from July. 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 August averaged 17 days on the market (DOM), a record low and 35 days faster than August 2020.
Forecast: August sales were 5 units, or 0.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 539 sales for the month, while actual sales were 544 units. ACRE forecast a total of 3,9.9 residential sales year-to-date, while there were 4,102 actual sales through August, a difference of 4.9%.
New Construction: The 33 new homes sold represent 6.1% of all residential sales in the area in August. Total sales increased 13.8% year-over-year. The median sales price in August was $316,550, an increase of 27.2% from one year ago and an increase of 0.2% from July.
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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.