Mobile-area home sales decline 45% year-over-year in December

Sales: According to the Mobile Area Association of REALTORS, December home sales in the area decreased 44.8% year-over-year (Y/Y) from 536 to 296 closed transactions. Sales decreased 6.9% from November. Sales are down 15.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: December listings (957) increased 14.8% from November and increased 86.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 2.6 months in November and up from 1.0 months in December 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 December was $205,500, an increase of 0.3% from one year ago and 3.0% 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 39 days on the market (DOM), 10 days slower than December 2021. 

Forecast: December sales were 198 units, or 40.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 494 sales for the month, while actual sales were 296 units. ACRE forecast a total of 6,366 residential sales year-to-date, while there were 5,246 actual sales through December, a difference of 17.6%. 

New Construction: The 37 new homes sold represent 12.5% of all residential sales in the area in December. Total sales decreased 14.0% year-over-year. The median sales price in December was $299,900, an increase of 5.8% from one year ago and an increase of 8.5% from November.

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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.