Sales: According to the Mobile Area Association of Realtors, Mobile-area residential sales totaled 442 units during August, down 4.5 percent from 463 sales in the same month a year earlier. August sales were up 3.3 percent compared to 428 sales in July. Results were 12.1 percent above the five-year August average of 394 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area home sales data, click here.

Inventory: Total homes listed for sale in the Mobile area during August were 1,546 units, a decrease of 15.9 percent from August 2017’s 1,839 units and a decrease of 1.7 percent from July 2018’s 1,573 units. Mobile also experienced a year-over-year decline in months of supply. August months of supply totaled 3.5 months, a decrease of 11.9 percent from August 2017’s 4 months of supply. August‘s months of supply slightly decreased from July’s 3.7 months of supply.

Pricing: The Mobile median sales price in August was $149,900, an increase of 5.7 percent from one year ago and an increase of 1.2 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the August median sales price on average decreases from July by .9 percent. 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. The average number of days on the market (DOM) for homes sold during August was 67 days, a decrease of 15.2 percent from 79 days in August 2017 and a decrease of 4.3 percent from 70 days in July.

Forecast: August sales were 29 units, or 7 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 413 sales for the month, while actual sales were 442 units. ACRE forecast 3,175 residential sales in the Mobile area year-to-date, while there were 3,202 actual sales through August.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

Click here to view the entire monthly report.

The Mobile Area Residential Monthly Report is developed in conjunction with the Mobile Area Association of Realtors to better serve Gulf Coast consumers.