Mobile Area Residential Real Estate Update

MOBILE, Ala. — According to the Mobile Area Association of Realtors and reported by Alabama Newscenter, May home sales in the area increased 5.6% year-over-year, from 536 to 566 closed transactions. Following seasonal trends, sales increased 13.9% from April, and sales are now up 0.1% year to date. May listings (727) decreased 2.9% from April and increased 55.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, compared to 1.5 months in April and 0.9 in May 2021. The median sales price in May was $228,250, a record high and an increase of 6.5% from one year ago and 1.4% from April. Homes sold in May averaged 29 days on the market, seven days longer than in May 2021. May sales were six units, or 1.1%, below the Alabama Center for Real Estate’s monthly forecast. The 66 new homes sold represent 4.8% of all residential sales in the area in May. Total sales increased 46.7% year-over-year. The median sales price in May was $310,725, an increase of 11.4% from one year ago and an increase of 5% from April.