According to the Mobile Area Association of REALTORS, April home sales in the area decreased 15.9% year-over-year from 433 to 364 closed transactions. Sales remained steady from March. Sales are down 10.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: April listings (1,328) increased 5.6% from March and increased 28.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.5 in March, and up from 2.4 months in April 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 April was $249,450, up 6.2% from one year ago and up 3.9% from March. 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 April averaged 63 days on the market (DOM), 18 days slower than April 2024.
Forecast: April sales were 46 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 410 sales for the month, while actual sales were 364 units, a difference of 11.3%.
New Construction: The 34 new homes sold represent 9.3% of all residential sales in the area in April. Total sales decreased by 33.3% year-over-year. The median sales price in April was $313,580, a decrease of 1.5% from one year ago and a decrease of 4.0% from March.
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.
