According to the Mobile Area Association of REALTORS, September home sales in the area increased 3.3% year-over-year from 361 to 373 closed transactions. Sales decreased 1.1% from August. Sales are down 2.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: September listings (1,664) increased 37.1% from August and increased 90.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.5 months, up from 3.2 in August, and up from 2.4 months in September 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in September was $240,000, up 0.5% from one year ago and consistent from August. 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 September averaged 48 days on the market (DOM), 6 days slower than September 2023.
Forecast: September sales were 20 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 393 sales for the month, while actual sales were 373 units, a difference of 5.0%. ACRE forecasted a total of 3,654 home sales year-to-date, while there were 3,405 actual sales through September, a difference of 6.8%.
New Construction: The 37 new homes sold represent 9.9% of all residential sales in the area in September. Total sales decreased 24.5% year-over-year. The median sales price in September was $308,900, a decrease of 1.1% from one year ago and an increase of 0.3% from August.
Click here to view the entire monthly report.
