Mobile-area home sales down 21% year-over-year in March

Sales: According to the Mobile Area Association of REALTORS, March home sales in the area decreased 20.6% year-over-year (Y/Y) from 529 to 420 closed transactions. Sales increased 28.4% from February. Sales are down 39.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: March listings (699) increased 4.3% from February and increased 3.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.0 months in February and up from 1.3 months in March 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 March was $224,000, an increase of 6.0% from one year ago and an increase of 5.9% from February. 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 March averaged 44 days on the market (DOM), 4 days slower than March 2022. 

Forecast: March sales were 16 units, or 4.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 404 sales for the month, while actual sales were 400 units. ACRE forecast a total of 995 residential sales year-to-date, while there were 1,093 actual sales through March, a difference of 9.9%. 

New Construction: The 47 new homes sold represent 11.2% of all residential sales in the area in March. Total sales increased 6.8% year-over-year. The median sales price in March was $306,976, an increase of 9.6% from one year ago and an increase of 2.9% from February.

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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.