Mobile home sales enjoy strong 2016 with 4 percent rise over 2015
Homes in Mobile sold faster on average in 2016, and housing inventory was favorably reduced. (iStock)
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Home sales in Mobile for 2016 edged up 4.3 percent compared to sales the year prior.
Home sales in Mobile rose 4.3 percent in 2016 to 4,470 units.
According to data from the Mobile Area Association of Realtors, 4,470 homes were sold in the Mobile area during 2016, compared to 4,284 in 2015.
While this is 37 percent below the 2005 peak of 7,167, it does represent a 40 percent increase from when the market bottomed out with 3,186 home sales during 2010.
Pricing dipped slightly for the Mobile area during 2016, down 3 percent to $120,393.
On average, homes listed on the market spent about 94 days there before selling, an 8 percent dip from 2015’s 102 days on the market.
Inventory also continued to decline. The last time the Mobile area saw an annual rise in inventory was in 2013, and that was a slight increase.
On average there were 2,100 homes on the market during the year, 16 percent below 2015’s 2,488 units.
Overall, however, Mobile proved to be a more balanced market compared to 2015, with 5.8 months of supply on the market. Restated, at the 2016 pace, it would take 5.8 months to absorb the average listed inventory.
Click here to generate graphs from the Mobile Monthly Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.
The Mobile Area Residential Annual Report is developed in conjunction with the Mobile Area Association of Realtors to better serve Gulf Coast consumers.
