According to the Mobile Area Association of REALTORS, November home sales in the area decreased 7.2% year-over-year (Y/Y) from 318 to 295 closed transactions. Sales decreased 18.7% from October. 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: November listings (1,041) increased 7.3% from October and increased 24.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 2.7 in October, and up from 2.6 months in November 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 November was $208,000, up 4.3% from one year ago and decreasing 3.3% from October. 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 November averaged 35 days on the market (DOM), 3 days slower than November 2022.
Forecast: November sales were 60 units, or 17.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 355 sales for the month, while actual sales were 295 units. ACRE forecast a total of 4,461 residential sales year-to-date, while there were 4,132 actual sales through November, a difference of 7.4%.
New Construction: The 25 new homes sold represented 8.5% of all residential sales in the area in November. Total sales increased 4.2% year-over-year. The median sales price in November was $325,000, an increase of 17.6% from one year ago and a decrease of 6.9% from October.
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.
