Sales: According to the Mobile Area Association of REALTORS, September home sales in the area increased 5.9% year-over-year (Y/Y) from 460 to 487 closed transactions. Following seasonal trends, sales decreased 10.5% from August. Sales are up 12.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: September listings (649) decreased 6.4% from August and decreased 1.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, unchanged from August and down from 1.5 months in September 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in September was $200,000, an increase of 11.7% from one year ago and a decrease of 1.2% from August. 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 September averaged 16 days on the market (DOM), a record low and 28 days faster than September 2020.
Forecast: September sales were 1 unit, or 0.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 488 sales for the month, while actual sales were 487 units. ACRE forecast a total of 4,397 residential sales year-to-date, while there were 4,589 actual sales through September, a difference of 4.4%.
New Construction: The 23 new homes sold represent 4.7% of all residential sales in the area in September. Total sales decreased 32.4% year-over-year. The median sales price in September was $277,900, an increase of 6.1% from one year ago and a decrease of 12.2% from August.
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 September 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.