According to the Mobile Area Association of REALTORS, November home sales in the area increased 4.7% year-over-year from 295 to 309 closed transactions. Sales decreased 18.0% from October. Sales are down 1.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: November listings (1,283) increased 5.7% from October and increased 23.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.2 months, up from 3.2 in October, and up from 3.5 months in November 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 November was $220,000, up 5.8% from one year ago and down 8.3% from October. 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 November averaged 63 days on the market (DOM), 28 days slower than November 2023.
Forecast: November sales were 39 below above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 348 sales for the month, while actual sales were 309 units, a difference of 11.1%. ACRE forecasted a total of 4,374 home sales year-to-date, while there were 4,091 actual sales through November, a difference of 6.5%.
New Construction: The 36 new homes sold represent 11.7% of all residential sales in the area in November. Total sales increased 44.0% year-over-year. The median sales price in November was $332,775, an increase of 2.4% from one year ago and an increase of 8.1% from October.
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.
