According to the Mobile Area Association of REALTORS, February home sales in the area decreased 9.8% year-over-year (Y/Y) from 327 to 295 closed transactions. Sales increased 3.5% from January. Sales are down 13.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: February listings (958) decreased 2.2% from January and increased 43.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down 5.6% from January, and up from 2.0 months in February 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 February was $220,000, up 4.0% from one year ago and an increase of 0.2% from January. 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 February averaged 52 days on the market (DOM), 3 days slower than February 2023.
Forecast: February sales were 20 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 315 sales for the month, while actual sales were 295 units, a difference of 6.5%
New Construction: The 33 new homes sold representing 11.2% of all residential sales in the area in February. Total sales increased 22.2% year-over-year. The median sales price in February was $329,400, an increase of 10.4% from one year ago and an increase of 2.0% from January.
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.
