Sales: According to the Gulf Coast Multiple Listing Service, Mobile-area residential sales totaled 271 units during January, an increase of 1.5 percent (four units) from the same month last year. Total 2016 home sales in January were 267. Two more resources to review: Quarterly Report and Annual Report.
For all of Mobile’s area housing data, click here.
Forecast: January sales were two units, or 0.73 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s sales forecast for January projected 273 closed transactions, while the actual sales were 271 units.
Supply: The Mobile-area housing inventory in January was 1,964 units, a decrease of 11 percent from January 2016. Inventory has now declined 43 percent from the January peak (3,413 units) reached in 2010. There were 7.2 months of housing supply last month (6 months represents a balanced market for this time of year) vs. 8.3 months of supply in January 2016, a favorable decline of 12 percent.
Demand: January sales decreased 8.8 percent from December. This direction is consistent with historical data, which indicate January sales, on average (2012-16), decrease from December by 11 percent.
Pricing: The Mobile-area median sales price in January was $127,000, unchanged from last January. The January median sales price decreased by 7.3 percent when compared to December. Historical data indicate the January median sales prices decreased 6 percent from the month of December from 2012 through 2016. Pricing can fluctuate from month to month as the sample size of data is subject to seasonal buying patterns. ACRE highly recommends consulting with a local real estate professional to discuss prices, which can vary from neighborhood to neighborhood.
Industry perspective: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”
Click here to generate more graphs from the Mobile January Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.