According to the Mobile Area Association of REALTORS, December home sales in the area decreased 4.7% year-over-year from 296 to 282 closed transactions. Sales decreased 4.4% from November. Sales are down 15.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: December listings (975) decreased 6.3% from November and increased 1.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, consistent from November, and up from 3.2 months in December 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 December was $225,000, up 9.5% from one year ago and decreasing 8.2% from November. 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 December averaged 43 days on the market (DOM), 4 days slower than December 2022.
Forecast: December sales were 4 units, or 1.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 278 sales for the month, while actual sales were 282 units. ACRE forecast a total of 4,414 residential sales year-to-date, while there were 4,360 actual sales through December, a difference of 1.2%.
New Construction: The 41 new homes sold representing 14.5% of all residential sales in the area in December. Total sales increased 10.8% year-over-year. The median sales price in December was $339,000, an increase of 13.% from one year ago and an increase of 4.3% from November.
Click here to view the entire monthly report.
