According to the Mobile Area Association of REALTORS, October home sales in the area decreased 9.3% year-over-year (Y/Y) from 400 to 363 closed transactions. Sales increased 0.6% from September. Sales are down 17.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: October listings (970) increased 10.9% from September and increased 17.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.4 in September, and up from 2.1 months in October 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 October was $215,000, down 4.4% from one year ago and decreasing 10.0% from September. 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 October averaged 36 days on the market (DOM), 4 days slower than October 2022.
Forecast: October sales were 16 units, or 4.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 379 sales for the month, while actual sales were 363 units. ACRE forecast a total of 4,105 residential sales year-to-date, while there were 4,632 actual sales through October, a difference of 6.5%.
New Construction: The 26 new homes sold representing 7.2% of all residential sales in the area in October. Total sales decreased 21.2% year-over-year. The median sales price in October was $348,900, an increase of 18.7% from one year ago and an increase of 11.7% from September.
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.
