Mobile-area home sales down 16% year-over-year in September

According to the Mobile Area Association of REALTORS, September home sales in the area decreased 16.0% year-over-year (Y/Y) from 430 to 361 closed transactions. Sales decreased 14.3% from August. Sales are down 17.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: September listings (875) increased 9.9% from August and increased 13.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, up from 1.9 in August, and up from 1.8 months in September 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 September was $238,750, up 10.0% from one year ago and increasing 5.1% from August. 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 September averaged 42 days on the market (DOM), 9 days slower than September 2022. 

Forecast: September sales were 37 units, or 9.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 398 sales for the month, while actual sales were 361 units. ACRE forecast a total of 3,726 residential sales year-to-date, while there were 3,474 actual sales through September, a difference of 6.8%. 

New Construction: The 49 new homes sold represent 13.6% of all residential sales in the area in September. Total sales increased 19.5% year-over-year. The median sales price in September was $312,450, an increase of 6.3% from one year ago and an increase of 27.8% from August.

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.