According to the Mobile Area Association of REALTORS, January home sales in the area decreased 7.0% year-over-year from 285 to 265 closed transactions. Sales decreased 15.9% from December. Sales are down 7.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: January listings (1,257) increased 6.7% from December and increased 28.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.7 months, up from 3.7 in December, and up from 3.4 months in January 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in January was $220,000, up 0.2% from one year ago and down 1.3% from December. 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 January averaged 60 days on the market (DOM), 9 days slower than January 2024.
Forecast: January sales were 11 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 276 sales for the month, while actual sales were 265 units, a difference of 4.0%.
New Construction: The 20 new homes sold represent 7.5% of all residential sales in the area in January. Total sales didn’t change year-over-year. The median sales price in January was $303,900, a decrease of 5.9% from one year ago and a decrease of 9.3% from December.
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.
