The University of South Alabama's Center for Real Estate and Economic Development Department compiles monthly data on real estate activity in Mobile, AL, and produces the Mobile Single-Family Real Estate Report each month.
The report reflects the following:
Prices:
- From May to June, 2013, average sales price of homes decreased from $134,265 to $127,933, a 4.72% decline.
- From June, 2012, to June, 2013, averages sales price of homes decreased from $128,990 to $127,933, a 3.36% decline.
Sales:
- From May to June, 2013, the number of sales decreased from 404 to 349, a 13.61% decline.
- From June, 2012, to June, 2013, the number of sales increased from 311 to 349, a 12% increase.
Price Ranges of Sales:
- 0 - $99,999: 154 (44.1%) Up from 143 in June, 2012
- $100,000 - $149,999: 91 (26%) Up from 73 in June, 2012
- $150,000 - $199,999: 43 (12.3) Up from 39 in June, 2012
- $200,000 - $299,999: 41 (41) Up from 40 in June, 2012
- $300,000 - $499,999: 19 (5.4%) Up from 12 in June, 2012
- Over $500,000: 1 (Less than 1%) Down from 4 in June, 2012
Absorption Rate: (Months to Sell Inventory)
The absorption rate is the average months to sell the existing inventory of properties in a given month. A market is considered "balanced" when the absorption rate is at 6 months. Over that is considered a buyer's market, and under 6 months is considered a seller's market.
- From May, 2013, to June, 201, the rate increased from from 7.51% to 8.68%, a 15.58% increase.
- From June, 2012, to June, 2013 the rate from 10.32% to 8.68%, a 15.89% decrease.
Overall, Mobile's real estate market is easing towards recovery. In looking at the numbers from 2010, 2011, and 2012, the number of sales are increasing, and absorption rates are decreasing. Unfortunately, sales prices are still in decline. Hopefully, that will begin to level off as the other aspects of the market continue to get better.
If you have any questions about your specific neighborhood or area, or if I can be of any help, please feel free to contact me at 251-510-1466.
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