Sales: According to the Mobile Area Association of REALTORS, December home sales in the area increased 28.9% year-over-year (Y/Y) from 416 to 536 closed transactions. Sales decreased 5.3% from November. Sales are up 14.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: December listings (512) decreased 22.2% from November and decreased 5.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.0 months, down from 1.2 in November and from 1.3 months in December 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in December was $204,975, an increase of 17.1% from one year ago and an increase of 7.9% from November. 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 December averaged 29 days on the market (DOM), 9 days faster than December 2020.
Forecast: December sales were 103 units, or 23.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 433 sales for the month, while actual sales were 536 units. ACRE forecast a total of 5,712 residential sales year-to-date, while there were 6,193 actual sales through November, a difference of 8.4%.
New Construction: The 43 new homes sold represent 8.0% of all residential sales in the area in December. Total sales decreased 6.5% year-over-year. The median sales price in December was $283,400, an increase of 0.5% from one year ago and a decrease of 4.5% from November.
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 December 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
