According to the Mobile Area Association of REALTORS, August home sales in the area saw a decrease of 1.3% year-over-year from 377 to 372 closed transactions. Sales decreased by 11.9% from July. Sales are down 6.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: August listings (1,341) decreased slightly by 0.4% from July and increased 10.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.2 in July, and up from 3.2 months in August 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 August was $245,000, an increase of 2.0% from one year ago and an increase of 3% from July. 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 August averaged 53 days on the market (DOM), 11 days slower than August 2024.
Forecast: August sales were 75 units, or 16.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 447 sales for the month, while actual sales were 372 units.
New Construction: The 42 new homes sold represent 11.3% of all residential sales in the area in August. Total sales increased by 2.4% year-over-year. The median sales price in August was $322,650, an increase of 4.8% from one year ago and an increase of 2.8% from July.
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.
