ALABAMA REAL ESTATE JOURNAL

Mobile-area home sales slow in June

Sales: According to the Mobile Area Association of REALTORS, June home sales in the area decreased 23.6% year-over-year (Y/Y) from 666 to 509 closed transactions. Going against seasonal trends, sales decreased 10.1% from May. Sales are down 5.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: June listings (792) increased 8.9% from May and increased 45.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, up from 1.3 months in May and up from 0.8 months in June 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The median sales price in June was $220,000, an increase of 8.1% from one year ago and a decrease of 3.6% from May. 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 June averaged 27 days on the market (DOM), 11 days slower than June 2021. 

Forecast: June sales were 127 units, or 20.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 636 sales for the month, while actual sales were 509 units. ACRE forecast a total of 3,187 residential sales year-to-date, while there were 2,878 actual sales through June, a difference of 9.7%. 

New Construction: The 52 new homes sold represent 10.2% of all residential sales in the area in June. Total sales increased 23.8% year-over-year. The median sales price in June was $303,900, an increase of 3.8% from one year ago and a decrease of 2.2% from May.

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. 

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