Sales: According to the Mobile Area Association of REALTORS, April home sales in the area decreased 11.3% year-over-year (Y/Y) from 560 to 497 closed transactions. Going against seasonal trends, sales decreased 6.1% from March. Sales are down 1.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: April listings (749) increased 11.3% from March and increased 71.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.5 months, up from 1.3 in March and up from 0.8 months in April 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $225,000, an increase of 18.4% from one year ago and an increase of 6.5% from March. 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 April averaged 32 days on the market (DOM), 2 days slower than April 2021.
Forecast: April sales were 81 units, or 14.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 578 sales for the month, while actual sales were 497 units. ACRE forecast a total of 1,979 residential sales year-to-date, while there were 1,803 actual sales through April, a difference of 8.9%.
New Construction: The 45 new homes sold represent 4.8% of all residential sales in the area in April. Total sales decreased 23.7% year-over-year. The median sales price in April was $295,900, an increase of 0.3% from one year ago and an increase of 5.7% from March.
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.