Mobile-area home sales down 22% year-over-year in April

Sales: According to the Mobile Area Association of REALTORS, April home sales in the area decreased 22.3% year-over-year (Y/Y) from 497 to 386 closed transactions. Sales decreased 8.1% from March. Sales are down 18.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: April listings (676) decreased 3.3% from March and decreased 9.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, no change from March, and up from 1.5 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The median sales price in April was $225,000, equivalent to April one year ago and an increase of 0.4% from March. 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 April averaged 38 days on the market (DOM), 6 days slower than April 2022. 

Forecast: April sales were 58 units, or 13.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 444 sales for the month, while actual sales were 386 units. ACRE forecast a total of 1,439 residential sales year-to-date, while there were 1,479 actual sales through April, a difference of 2.8%. 

New Construction: The 43 new homes sold represent 11.1% of all residential sales in the area in April. Total sales decreased 4.4% year-over-year. The median sales price in April was $284,900, a decrease of 3.7% from one year ago and a decrease of 7.2% from March.

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.