Sales: According to the Mobile Area Association of Realtors, Mobile-area residential sales totaled 332 units during November, down 1.8% from 338 sales in the same month a year earlier. Sales were down 16.6% compared to 398 sales in October. Results were 5.5% above the five-year November average of 315 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 November were 1,313 units, a decrease of 8.8% from November 2018’s 1,439 units and a decrease of 2.5% from October 2019’s 1,346 units. Mobile also experienced a year-over-year decline in months of supply. November’s months of supply totaled 4 months, a decrease of 7.1% from November 2018’s 4.3 months. November’s months of supply increased 16.9% from October.

Pricing: The Mobile median sales price in November was $159,433, an increase of 7% from one year ago and from the prior month. This direction is consistent with historical data (2014-18) indicating that the November median sales price on average increases from October by 8.3%. 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 November was 56 days, a decrease of 23.3% from 73 days in November 2018 and an increase of 7.7% from 52 days in October.

Forecast: November sales were one unit, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 333 sales for the month, while actual sales were 332 units. ACRE projected 4,240 sales in the area year-to-date, while 4,451 units were actually sold through November.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.

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.