Mobile-area home sales down 21% from one year ago in February

Sales: According to the Mobile Area Association of REALTORS, February home sales in the area decreased 20.4% year-over-year (Y/Y) from 411 to 327 closed transactions. Sales decreased 5.5% from January. Sales are down 13.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: February listings (670) decreased 26.7% from January and increased 30.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, down from 2.6 months in January and up from 1.3 months in February 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The median sales price in February was $211,500, an increase of 0.1% from one year ago and a decrease of 1.6% from January. 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 February averaged 49 days on the market (DOM), 9 days slower than February 2022. 

Forecast: February sales were 1 unit, or 0.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 326 sales for the month, while actual sales were 327 units. ACRE forecast a total of 591 residential sales year-to-date, while there were 673 actual sales through February, a difference of 13.9%. 

New Construction: The 27 new homes sold represent 8.3% of all residential sales in the area in February. Total sales decreased 30.8% year-over-year. The median sales price in February was $298,400, an increase of 7.4% from one year ago and an increase of 4.2% from January.

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.