Sales: According to the Mobile Area Association of REALTORS, August home sales in the area decreased 14.0% year-over-year (Y/Y) from 544 to 468 closed transactions. Sales increased 2.6% from July. Sales are down 7.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: August listings (772) increased 0.1% from July and increased 11.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, down from 1.7 months in July and up from 1.3 months in August 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 August was $200,000, a decrease of 1.2% from one year ago and down 9.1% from July. 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 August averaged 26 days on the market (DOM), 9 days slower than August 2021.
Forecast: August sales were 104 units, or 18.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 572 sales for the month, while actual sales were 468 units. ACRE forecast a total of 4,345 residential sales year-to-date, while there were 3,802 actual sales through August, a difference of 12.5%.
New Construction: The 27 new homes sold represent 5.9% of all residential sales in the area in August. Total sales decreased 18.2% year-over-year. The median sales price in August was $293,200, a decrease of 7.4% from one year ago and a decrease of 4.0% from July.
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.
