Mobile-area home sales up 12% year-over-year in April

According to the Mobile Area Association of REALTORS, April home sales in the area increased 12.2% year-over-year from 386 to 433 closed transactions. Sales increased 5.6% from March. Sales are down 3.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report. 

For all Mobile-area housing data, click here. 

Inventory: April listings (1,037) increased 4.7% from March and increased 53.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, no change from March, and up from 1.7 months in April 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 April was $234,900, up 4.4% from one year ago and an increase of 6.8% from March. 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 April averaged 45 days on the market (DOM), 7 days slower than April 2023.  

Forecast: April sales were 5 units above the Alabama Center for Real Estate’s  (ACRE) monthly forecast. ACRE projected 428 sales for the month, while actual sales were 433 units, a difference of 1.2%. ACRE forecasted a total of 1,447 home sales year-to-date, while there were 1,423 actual sales through April, a difference of 1.6%.    

New Construction: The 51 new homes sold represent 11.8% of all residential sales in the area in April. Total sales increased 18.6% year-over-year. The median sales price in April was $306,095, an increase of 7.4% from one year ago and a decrease of 3.1% from March. 

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.