According to the Mobile Area Association of REALTORS, June home sales in the area decreased by 4.1% year-over-year from 414 to 397 closed transactions. Sales decreased 8.1% from May. Sales are down 3.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: June listings (1,160) increased 7.1% from May and increased 53.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up from 2.5 in May, and up from 1.8 months in June 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 June was $227,400, down 3.9% from one year ago and down 7.2% from May. 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 June averaged 43 days on the market (DOM), 9 days slower than June 2023.
Forecast: June sales were 84 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 481 sales for the month, while actual sales were 397 units, a difference of 17.5%. ACRE forecasted a total of 2,375 home sales year-to-date, while there were 2,252 actual sales through June, a difference of 5.2%.
New Construction: The 52 new homes sold represent 13.1% of all residential sales in the area in June. Total sales decreased 13.3% year-over-year. The median sales price in June was $312,400, an increase of 1.4% from one year ago and a decrease of 2.2% from May.
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.
