Mobile Area Residential Real Estate Report Released

According to the Mobile Area Association of REALTORS 2021 May Market Resource, reported by Alabama Newscenter, May home sales increased 26.7% year-over-year (Y/Y) from 423 to 536 closed transactions in Mobile, marking 12 consecutive months of Y/Y gains. Sales increased 4.3% from April, and sales are now up 19.7% year-to-date. The median sales price in May was $214,400, a record high, an increase of 28.8% from one year ago and an increase of 12.8% from April. Homes sold in May averaged 22 days on the market, a record low and 27 days fewer than in May 2020. In new construction, the 45 homes sold represent 8.4% of all residential sales in the area in May. Total sales increased 45.2% Y/Y. The median sales price in May was $278,900, an increase of 23.5% from one year ago and a decrease of 5.4% from April.