Sales: According to the Mobile Area Association of REALTORS, May home sales in the area increased 5.6% year-over-year (Y/Y) from 536 to 566 closed transactions. Following seasonal trends, sales increased 13.9% from April. Sales are now up 0.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: May listings (727) decreased 2.9% from April and increased 55.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.5 months in April and up from 0.9 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The median sales price in May was $228,250, a record high and an increase of 6.5% from one year ago and an increase of 1.4% 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 29 days on the market (DOM), 7 days slower than May 2021.
Forecast: May sales were 6 units, or 1.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 572 sales for the month, while actual sales were 566 units. ACRE forecast a total of 2,551 residential sales year-to-date, while there were 2,369 actual sales through May, a difference of 7.1%.
New Construction: The 66 new homes sold represent 4.8% of all residential sales in the area in May. Total sales increased 46.7% year-over-year. The median sales price in May was $3104,725, an increase of 11.4% from one year ago and an increase of 5.0% from April.
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The Mobile Residential Monthly Report is developed in connection with the Mobile Area Association of Realtors to better serve area consumers.