According to the Mobile Area Association of REALTORS, February home sales in the area decreased 3.7% year-over-year from 295 to 284 closed transactions. Sales increased 7.2% from January. Sales are down 5.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: February listings (1,227) decreased 2.4% from January and increased 28.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.3 months, down from 4.7 in January, and up from 3.2 months in February 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 February was $230,000, up 4.5% from one year ago and up 4.5% from January. 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 February averaged 74 days on the market (DOM), 22 days slower than February 2024.
Forecast: February sales were 3 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 287 sales for the month, while actual sales were 284 units, a difference of 1.1%.
New Construction: The 41 new homes sold represent 14.4% of all residential sales in the area in February. Total sales increased by 24.2% year-over-year. The median sales price in February was $313,900, a decrease of 4.7% from one year ago and an increase of 3.3% from January.
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.
