According to the Mobile Area Association of REALTORS, July home sales in the area increased 8.6% year-over-year from 371 to 403 closed transactions. Sales increased 1.5% from June. Sales are down 1.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: July listings (1,214) increased 4.7% from June and increased 62.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, up from 2.9 in June, and up from 2.0 months in July 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 July was $230,608, down 0.6% from one year ago and an increase of 1.4% from June. 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 July averaged 42 days on the market (DOM), 1 day slower than July 2023.
Forecast: July sales were 32 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 435 sales for the month, while actual sales were 403 units, a difference of 7.3%. ACRE forecasted a total of 2,810 home sales year-to-date, while there were 2,655 actual sales through July, a difference of 5.5%.
New Construction: The 36 new homes sold represent 8.9% of all residential sales in the area in July. Total sales remained constant year-over-year. The median sales price in July was $303,950, a decrease of 1.1% from one year ago and a decrease of 2.7% from June.
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.
