According to the Mobile Area Association of REALTORS, October home sales in the area increased 3.9% year-over-year from 363 to 377 closed transactions. Sales increased 1.1% from September. 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: October listings (1,214) decreased 27.0% from September and increased 25.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 4.5 in September, and up from 2.7 months in October 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 October was $240,000, up 11.6% from one year ago and consistent from September. 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 October averaged 42 days on the market (DOM), 6 days slower than October 2023.
Forecast: October sales were 5 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 372 sales for the month, while actual sales were 377 units, a difference of 1.3%. ACRE forecasted a total of 4,026 home sales year-to-date, while there were 3,782 actual sales through October, a difference of 6.1%.
New Construction: The 41 new homes sold represent 10.9% of all residential sales in the area in October. Total sales increased 57.7% year-over-year. The median sales price in October was $307,900, a decrease of 11.8% from one year ago and a decrease of 0.3% from September.
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.
