The University of South Alabama's Center for Real Estate and Economic Development Department compiles monthly data on real estate activities in Mobile, AL, and produces the Mobile Single-Family Real Estate Report each month.
The report reflects the following:
- From July to August, 2013, average sales prices of homes decreased from $136,454 to $133,450, a 2.20% decrease.
- From August, 2012, to August, 2013, the average sales price of homes increased from $115,430 to $133,450.
- From July to August, 2013, the number of sales decreased from 384 to 355, a 7.55% decline.
- From August, 2012, to August, 2013, the number of sales increased from 300 to 355, an 18.33% increase.
Price Range of Sales:
- 0 - $99,900: 145 (40.84%) Up from 143 in August, 2012
- $100,000 - $149,999: 89 (25%) Up from 73 in August, 2012
- $150,000 - $199,999: 53 (14.9%) Up from 42 in August, 2012
- $200,000 - $299,999: 52 (14.6%) Up from 36 in August, 2012
- $300,000 - $499,999: 13 (3.6%) Up from 6 in August, 2012
- Over $500,000: 3 (less than 1%) Up from 0 in August, 2012
Absorption Rate (Months to Sell Inventory)
The absorption rate is the average months it would take 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 July, 2013, to August, 2013, the average months to sell increased from 7.99 to 8.63.
- From August, 2012, to August, 2013, the average months to sell decreased from 10.52 to 8.63.
- This is trending downward from previous years. August, 2011, the rate was 11.36, and August, 2010, the rate was 16.18.
Overall, Mobile's real estate market is trending toward recovery. The average sales price, with its dip in August, is still up from $114,200 in January, 2013. Numbers of sales are still increasing from the past 3 years, and the absorption rate has seen a great decrease since 2010.
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.