According to the Mobile Area Association of REALTORS, October home sales in the area saw an increase of 0.3% year-over-year from 377 to 378 closed transactions. Sales increased by 11.2% from September. Sales are up 3.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: October listings (1,386) increased by 0.6% from September and increased 14.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, down from 4.1 in September, but up slightly from 3.2 months in October 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 October was $290,000, an increase of 20.8% from one year ago and an increase of 18.4% from September. 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 October averaged 56 days on the market (DOM), 14 days slower than October 2024.
Forecast: October sales were 42 units, or 12.38%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 336 sales for the month, while actual sales were 378 units.
New Construction: The 40 new homes sold represent 10.6% of all residential sales in the area in October. Total sales decreased by 2.4% year-over-year. The median sales price in October was $291,400, a decrease of 5.4% from one year ago and a decrease of 5.4% from September.
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.
