According to the Mobile Area Association of REALTORS, December home sales in the area increased 11.7% year-over-year from 282 to 315 closed transactions. Sales increased 1.9% from November. Sales are down 0.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: December listings (1,178) decreased 8.2% from November and increased 20.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, down from 4.2 in November, and up from 3.5 months in December 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 December was $223,000, down 0.9% from one year ago and up 1.4% from November. 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 December averaged 51 days on the market (DOM), 8 days slower than December 2023.
Forecast: December sales were 26 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 341 sales for the month, while actual sales were 315 units, a difference of 7.6%. ACRE forecasted a total of 4,715 home sales year-to-date, while there were 4,406 actual sales through December, a difference of 6.6%.
New Construction: The 39 new homes sold represent 12.4% of all residential sales in the area in December. Total sales decreased 4.9% year-over-year. The median sales price in December was $334,900, a decrease of 1.2% from one year ago and an increase of 0.6% from November.
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.