Sales: According to the Mobile Area Association of REALTORS, April home sales in the area increased 15.5% year-over-year (Y/Y) from 485 to 560 closed transactions, marking 11 consecutive months of Y/Y gains. Following seasonal trends, sales increased 8.3% from March. Sales are now up 17.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: Homes listed for sale decreased 57.5% from 1,029 listings one year ago to 437 in April. Months of supply dropped from 2.1 months to 0.8, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in April was $190,000, a record high and an increase of 15.2% from one year ago and 0.3% from March. 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 April averaged 30 days on the market (DOM), selling 27 days faster than in April 2020.
Forecast: April sales were 44 units, or 8.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 516 sales for the month, while actual sales were 560 units. ACRE forecast a total of 1,758 residential sales year-to-date, while there were 1,830 actual sales through April, a difference of 4.1%.
New construction: The 59 new homes sold represent 10.5% of all residential sales in the area in April. Total sales increased 37.2% year-over-year. The median sales price in April was $294,900, another record high and an increase of 14.8% from one year ago and 3.3% from March.
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.
Editor’s note: All information in this article reflects data provided to the Alabama Center for Real Estate for April 1-30. Thus, the performance represented is historical and should not be used as an indicator of future results.