According to the Mobile Area Association of REALTORS, August home sales in the area decreased 10.5% year-over-year from 421 to 377 closed transactions. Sales decreased 6.5% from July. Sales are down 2.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: August listings (1,214) remained constant from July and increased 52.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, up from 3.0 in July, and up from 1.9 months in August 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 August was $240,000, up 5.6% from one year ago and an increase of 4.1% from July. 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 August averaged 42 days on the market (DOM), 7 days slower than August 2023.
Forecast: August sales were 75 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 452 sales for the month, while actual sales were 377 units, a difference of 16.6%. ACRE forecasted a total of 3,262 home sales year-to-date, while there were 3,032 actual sales through August, a difference of 7.0%.
New Construction: The 41 new homes sold represent 10.9% of all residential sales in the area in August. Total sales decreased 2.4% year-over-year. The median sales price in August was $307,900, an increase of 43.3% from one year ago and an increase of 1.3% from July.
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.
