According to the Mobile Area Association of REALTORS, March home sales in the area decreased 11.5% year-over-year from 410 to 363 closed transactions. Sales increased 27.8% from February. Sales are down 7.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: March listings (1,258) increased 2.5% from February and increased 27.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 4.3 in February, and up from 2.4 months in March 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 March was $240,000, up 9.1% from one year ago and up 4.4% from February. 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 March averaged 65 days on the market (DOM), 20 days slower than March 2024.
Forecast: March sales were 6 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 369 sales for the month, while actual sales were 263 units, a difference of 1.5%.
New Construction: The 41 new homes sold represent 14.4% of all residential sales in the area in March. Total sales increased by 24.2% year-over-year. The median sales price in March was $313,900, a decrease of 4.7% from one year ago and an increase of 3.3% from February.
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.
