Mobile-Area Homes Sell Much Faster In February Compared To One Year Ago

By ACRE Research

Sales: According to the Mobile Area Association of Realtors, Mobile-area residential sales totaled 343 units during February, up 12.1 percent from 306 sales in the same month a year earlier. Sales were up 47.2 percent compared to 233 sales in January. Results were 24.5 percent above the five-year February average of 276 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 February were 1,352 units, a decrease of 14.6 percent from February 2018’s 1,583 units and a decrease of 3 percent from January 2019’s 1,394 units. Mobile also experienced a year-over-year decline in months of supply. February months of supply totaled 3.9 months, a decrease of 23.8 percent from February 2018’s 5.2 months. February’s months of supply decreased 34.1 percent from January’s 6 months.Pricing: The Mobile median sales price in February was $143,500, a decrease of 1 percent from one year ago and also a decrease of 1 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the February median sales price on average increases from January by 9.7 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 February was 70 days, a decrease of 30 percent from 100 days in February 2018 and a decrease of 1.4 percent from 71 days in January.

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