Sales: According to the Mobile Area Association of Realtors, November home sales in the area decreased 43.8% year-over-year from 566 to 318 closed transactions. Sales decreased 20.5% from October and are down 12.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area housing data, click here.

Inventory: November listings (834) increased 1.3% from October and 26.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.1 months in October and 1.2 months in November 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The median sales price in November was $199,450, an increase of 5% from one year ago and down 11.4% from October. 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.

Homes sold in November averaged 32 days on the market, seven days longer than in November 2021.

Forecast: November sales were 177 units, or 35.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 495 sales for the month, while actual sales were 318 units. ACRE forecast a total of 5,872 residential sales year-to-date, while there were 4,950 actual sales through November, a difference of 15.7%.

New construction: The 24 new homes sold represent 7.5% of all residential sales in the area in November. Total sales decreased 45.5% year-over-year. The median sales price in November was $276,400, a decrease of 6.8% from one year ago and 6% from October.

Click here to view the entire monthly report.

The Mobile Residential Monthly Report is developed in connection with the Mobile Area Association of Realtors to better serve area consumers.