According to the Mobile Area Association of REALTORS, November home sales in the area saw a decrease of 6.8% year-over-year from 309 to 288 closed transactions. Sales decreased by 23.8% from October. Sales are up 10.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: November listings (1,343) decreased by 3.1% from October and increased 4.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.7 months, up from 3.7 in October, but up slightly from 4.2 months in November 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 November was $239,000, an increase of 8.6% from one year ago and a decrease of 17.6% from October. 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 November averaged 53 days on the market (DOM), 10 days faster than November 2024.
Forecast: November sales were 22 units, or 7.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 310 sales for the month, while actual sales were 288 units.
New Construction: The 31 new homes sold represent 10.8% of all residential sales in the area in November. Total sales decreased by 13.9% year-over-year. The median sales price in November was $322,400, a decrease of 3.1% from one year ago and an increase of 10.6% from October.
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.
