According to the Mobile Area Association of REALTORS, July home sales in the area saw an increase of 4.7% year-over-year from 403 to 422 closed transactions. Sales increased by 8.5% from June. Sales are down 6.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: July listings (1,346) decreased slightly by 0.3% from June and increased 10.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 3.5 in June, and up from 3.0 months in July 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 July was $238,500, an increase of 3.4% from one year ago and a slight decrease of 0.2% from June. 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 July averaged 52 days on the market (DOM), 10 days slower than July 2024.
Forecast: July sales were 1 unit, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 423 sales for the month, while actual sales were 422 units.
New Construction: The 39 new homes sold represent 9.2% of all residential sales in the area in July. Total sales increased by 8.3% year-over-year. The median sales price in July was $313,900, an increase of 3.3% from one year ago and an increase of 5.5% from June.
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.
