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

Sales: According to the Mobile Area Association of REALTORS, May home sales in the area decreased 22.3% year-over-year (Y/Y) from 566 to 428 closed transactions. Sales increased 10.9% from April. Sales are down 19.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: May listings (700) increased 3.6% from April and decreased 3.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, down 0.1 from April, and up from 1.3 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.

Pricing: The median sales price in May was $240,000, up 5.1% from one year ago and an increase of 6.7%% from April. 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 May averaged 41 days on the market (DOM), 12 days slower than May 2022. 

Forecast: May sales were 25 units, or 5.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 453 sales for the month, while actual sales were 428 units. ACRE forecast a total of 1,892 residential sales year-to-date, while there were 1,907 actual sales through May, a difference of 0.8%. 

New Construction: The 51 new homes sold represent 11.9% of all residential sales in the area in May. Total sales decreased 22.7% year-over-year. The median sales price in May was $281,400, a decrease of 9.4% from one year ago and a decrease of 1.2% from April.

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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.