Mobile-area home sales up slightly year-over-year in May

According to the Mobile Area Association of REALTORS, May home sales in the area increased 0.9% year-over-year from 428 to 432 closed transactions. Sales decreased 0.2% from April. Sales are down 2.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report. 

For all Mobile-area housing data, click here. 

Inventory: May listings (1,083) increased 4.4% from April and 54.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.5 months, up from 2.4 in April, and up from 1.6 months in May 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 May was $244,950, up 2.1% from one year ago and an increase of 4.3% from April. 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 May averaged 45 days on the market (DOM), 4 days slower than May 2023.  

Forecast: May sales were 15 units below the Alabama Center for Real Estate’s  (ACRE) monthly forecast. ACRE projected 447 sales for the month, while actual sales were 432 units, a difference of 3.4%. ACRE forecasted a total of 1,894 home sales year-to-date, while there were 1,855 actual sales through May, a difference of 2.1%.    

New Construction: The 48 new homes sold represent 11.1% of all residential sales in the area in May. Total sales decreased 5.9% year-over-year. The median sales price in May was $319,400, an increase of 13.5% from one year ago and an increase of 4.3% from April. 

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.