Sales: According to the Mobile Area Association of Realtors, Mobile-area residential sales totaled 420 units during March, up 10.2 percent from 381 sales in the same month a year earlier. Sales were up 22.4 percent compared to 343 sales in February. Results were 6.4 percent above the five-year March average of 395 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 March were 1,368 units, a decrease of 12.2 percent from March 2018’s 1,558 units and an increase of 1.2 percent from February 2019’s 1,352 units. Mobile also experienced a year-over-year decline in months of supply. March months of supply totaled 3.3 months, a decrease of 20.3 percent from March 2018’s 4.1 months. March’s months of supply decreased 17.4 percent from February’s 6 months.

Pricing: The Mobile median sales price in March was $148,950, an increase of 7.2 percent from one year ago and an increase of 3.8 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the March median sales price on average decreases from February by 1.8 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 March was 67 days, a decrease of 14.1 percent from 78 days in March 2018 and a decrease of 4.3 percent from 70 days in February.

Forecast: March sales were two units, or 0.5 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 418 sales for the month, while actual sales were 420 units. ACRE projected 1,017 sales in the area year-to-date, while 996 units were actually sold through March.

ACRE’s statewide perspective: While nationwide residential sales dropped 8 percent in March, demand for housing in Alabama remained strong. Statewide residential sales increased slightly (0.02 percent) from 5,341 closed transactions in March 2018 to 5,342 in March 2019. Year-to-date, sales increased 3.6 percent from 2018. Home price appreciation in the state continued to climb but at a slower pace as the median sales price in March increased 2.6 percent year-over-year from $158,617 to $162,759. The statewide median sales price is also up 3.6 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.3 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during March spent an average of 99 days on the market, an improvement of 19 days from March 2018.

NAR’s national perspective: During March, total existing-home sales nationwide declined 7.8 percent from approximately 434,000 closed transactions one year ago to 400,000 currently. The nationwide median existing-home price increased 3.8 percent in March, marking 85 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is not surprising to see a retreat after a powerful surge in sales in the prior month. Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized.”

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.