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 454 units during March, an increase of 9 percent (38 units) from the same month last year. Total 2016 home sales in March were 416. Two more resources to review: Quarterly Report and Annual Report.

For all of Mobile’s area housing data, click here.

Forecast: March sales were 57 units, or 14 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 975 closed transactions, while the actual sales were 990 units.

Supply: The Mobile-area housing inventory in March was 1,893 units, a decrease of 12 percent from March 2016. Inventory has now declined 47 percent from the March peak (3,593 units) reached in 2010. There were 4.2 months of housing supply last month (6 months represents a balanced market for this time of year) vs. 5.2 months of supply in March 2016.

Demand: March sales increased by 189 units from February. This direction is consistent with historical data, which indicate March sales, on average (2012-16), increase from February by 40 percent.

Pricing: The Mobile-area median sales price in March was $136,950, up 9 percent from last March. The March median sales price increased by 6 percent when compared to February. Historical data indicate the March median sales prices increased 2 percent from the month of February 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

Click here to generate more graphs from the Mobile March 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.