Mobile-area homes continue to stay on the market longer than last year in January

Sales: According to the Mobile Area Association of REALTORS, January home sales in the area decreased 5.5% year-over-year (Y/Y) from 366 to 346 closed transactions. Sales increased 16.9% from December. Sales are down 5.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: January listings (914) decreased 4.5% from December and increased 79.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 3.2 months in December and up from 1.4 months in January 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 January was $214,900, an increase of 8.6% from one year ago and 4.6% from December. 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 January averaged 46 days on the market (DOM), 12 days slower than January 2021. 

Forecast: January sales were 81 units, or 30.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 265 sales for the month, while actual sales were 346 units. ACRE forecast a total of 265 residential sales year-to-date, while there were 346 actual sales through January, a difference of 30.8%. 

New Construction: The 30 new homes sold represent 8.7% of all residential sales in the area in January. Total sales increased 11.1% year-over-year. The median sales price in January was $286,354, an increase of 0.2% from one year ago and a decrease of 4.5% from December.

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.