According to the Mobile Area Association of REALTORS, May home sales in the area saw a slight decrease of 1.4% year-over-year from 432 to 426 closed transactions. Sales increased by 17.0% from April. Sales are down 8.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: May listings (1,325) slightly decreased by 0.2% from April and increased 22.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.6 in April, and up from 2.5 months in May 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 May was $241,418, down 1.4% from one year ago and down 3.2% from April. 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 May averaged 57 days on the market (DOM), 12 days slower than May 2024.
Forecast: May sales were 23 units below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 449 sales for the month, while actual sales were 426 units, a difference of 5.1%.
New Construction: The 55 new homes sold represent 12.9% of all residential sales in the area in May. Total sales increased by 14.6% year-over-year. The median sales price in May was $311,006, a decrease of 2.6% from one year ago and an increase of 3.2% from April.
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.
