According to the Mobile Area Association of REALTORS, January home sales in the area decreased 17.6% year-over-year (Y/Y) from 346 to 285 closed transactions. Sales increased 1.1 from December. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: January listings (980) increased 0.5% from December and increased 7.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, down 0.5% from December, and up from 2.6 months in January 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in January was $219,590, up 2.2% from one year ago and a decrease of 2.4% from December. 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 January averaged 51 days on the market (DOM), 5 days slower than January 2023.
Forecast: January sales were 7 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 278 sales for the month, while actual sales were 285 units, a difference of 2.6%
New Construction: The 20 new homes sold representing 7.0% of all residential sales in the area in January. Total sales decreased 33.3 year-over-year. The median sales price in January was $322,900, an increase of 12.8% from one year ago and a decrease of 3.7% from December.
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.
