Mobile year-to-date home sales remain steady through April

Housing inventory has now been positively reduced 47 percent from the April peak reached in 2010. (iStock)
Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: According to the Gulf Coast Multiple Listing Service, Mobile-area residential sales totaled 389 units during April, a decrease of 9 percent (38 units) from the same month last year. Total 2016 home sales in April were 427. Year-to-date sales in the area through April are down seven units or 0.5 percent from 2016. Two more resources to review: Quarterly Report and Annual Report.
For all of Mobile’s area housing data, click here.
Forecast: April sales were three units, or .78 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through April projected 1,361 closed transactions, while the actual sales were 1,379 units.
Supply: The Mobile-area housing inventory in April was 1,891 units, a decrease of 10 percent from April 2016. Inventory has now declined 47 percent from the April peak (3,594 units) reached in 2010. There were 4.9 months of housing supply last month (6 months represents a balanced market for this time of year), unchanged from April 2016.
Demand: April sales decreased by 65 units from March. This direction is consistent with historical data, which indicate April sales, on average (2012-16), decrease from March by 2.4 percent.
Pricing: The Mobile-area median sales price in April was $132,500, down 2 percent from last April. The April median sales price decreased by 3 percent when compared to March. Historical data indicate the April median sales prices increased 9 percent from the month of March 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: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”
Click here to generate more graphs from the Mobile April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.
The Mobile Area Residential Monthly Report is developed in conjunction with the Mobile Area Association of Realtors to better serve Gulf Coast consumers.