Mobile Residential Sales Report March 2019

Transcription

1 Mobile Residential Sales Report March 2019 Total Residential Sales Current Month March Mobile residential* sales for March '19 totaled 420 units, an increase of 10.2 percent when compared to last year. By Product Type (% of Total Sales) Existing SF: 379 (91%) 342 (90%) Condo: 12 (1%) 14 (4%) New Const. 29 (8%) 25 (6%) vs. Prior Month February % vs. Last Year March % vs. 5-Yr Avg March 14-' % vs. Peak March % vs. Trough March % 283 Mobile: Total Residential Sales 454 *Residential = existing single family, condo, & new construction Year to Date March vs.prior Year March % ACRE Commentary Historical data indicates that March sales on average ( 14-18) increase 45 percent from February. The current month's sales increased 22.4 percent from the prior month. Historical Residential Sales March Graph: March March (By Month) March March March Year Avg: Year Avg: 417 Median Sales Price Current Month March ,950 The median sales price in Mobile in vs. Prior Month February , 3.8% March 2019 was $148,950, vs. Last Year March , % representing a 7.2 percent increase vs. 5-Yr Avg March 14-'18 128, % from last year. By Product Type (Y-O-Y Comparison) Existing SF: $144,900 $132, Condo: $87,403 $149,900 New Const: $244, $187,975 Year to Date March ,817 vs.prior Year March , % Median Peak March , % Trough March , % $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $,000 $90,000 $80,000 Mobile: Median Sales Price 148,950 98,000 ACRE Commentary Historical Median Selling Price Graph: March Historical data indicates that March median sales prices on (By Month) March ,915 average ( 14-18) decrease 1.8 percent from February. The current month's median price increased 3.8 percent from the March ,950 prior month. March , March , March , Year Avg: 128, Year Avg: 133,788 Page 1 of 5

2 Average Sales Prices Current Month March ,913 The average sales price in Mobile for vs. Prior Month February , % March 2019 was $174,913, a 10.8 vs. Last Year March , % percent increase from last year. vs. 5-Yr Avg March 14-'18 150, % By Product Type (Y-O-Y Comparison) Existing SF: $169,923 $153,850 Condo: $148,634 $152,914 New Const: $251,013 $215,010 Year to Date March ,423 vs.prior Year March , % Average Peak March , % Trough March , % $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 Mobile: Average Sales Price 174, ,509 ACRE Commentary Historical data indicates that March average sales prices on Historical Average Selling Price Graph: March (By Month) average ( 14-18) decrease from February by 0.2 percent. The March ,829 current month's average sales price increased 8.4 percent from March ,969 the prior month. March ,101 March ,617 March ,939 5-Year Avg: 150, Year Avg: 153, Days on Market (DOM) Current Month March The average number of days that a Mobile home was on the market in March 2019 was 67 days, representing a decrease of 11 days on market from last year. By Product Type (DOM Comparison) Existing SF: Condo: New Const: vs. Prior Month February % vs. Last Year March % vs. 5-Yr Avg March 14-' % Year to Date March vs.prior Year March % Mobile: Average Days on Market ACRE Commentary Historical Average DOM Graph: March "Historical data indicates that February average days on market on average ('14-'18) decreases 6.4 percent from February. The current month's DOM average decreased 4.3 percent from the previous month. DOM is anticipated to remain within the current range (40 90 days) for the foreseeable future. March (By Month) March March March March Year Avg: 101 Page 2 of 5

3 Total Homes Listed for Sale Current Month March ,368 Mobile homes available for sale in March vs. Prior Month February , % 2019 decreased by 190 units when vs. Last Year March , % compared to the same period last year. vs. 5-Yr Avg March 14-'18 2, % 3,800 3, Mobile: Total Homes Listed 3,593 By Product Type (Inv, Comparison) Existing SF: Condo: New Const.: Inventory Peak March , % Trough March , % 2,800 2, 1,800 1,368 1, ACRE Commentary Historical Total Homes Listed Graph: March Historical data indicates that March inventory on average ( 14-18) decreases 0.9 percent from January. The current month's inventory increased 1.2 percent from the prior month." March ,558 (By Month) March ,893 March ,152 March ,565 March ,650 5-Year Avg: 2,164 Inventory-to-Sales Ratio Current Month March The inventory of homes for sale divided vs. Prior Month February % by the current monthly sales volume vs. Last Year March % equals the # of months of housing supply vs. 5-Yr Avg March 14-' % (market considered to be in balance at approximately 6 months). Mobile currently has 3.3 months of housing supply, down from 4.1 months of supply one year ago. I/S Ratio Peak March % Trough March % Mobile: Months of Supply ACRE Commentary Historical I/S Ratio Graph: March "March's 3.3 months of supply is well below the 5-year average of 5.6 months. Mobile's inventory-to-sales ratio is 2.7 months below equilibrium, indicating that sellers have elevated bargaining power." March (By Month) March March March March Year Avg: Year Avg: 4.5 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - Page 3 of 5

4 Residential Sales: March Sales 200 1,700 1,650 1,600 1,550 1, 1, 1, 1, 1, 1, 1,200 Inventory Mobile Sales Mobile Inventory Historical Residential Sales in March of Each Year Sales ,700 3,200 2,700 2,200 1,700 1,200 Inventory Mobile Sales Mobile Inventory Page 4 of 5

5 Average Days on the Market & Median Sales Price Average Days on Market , , , , , ,000,000 90,000 80,000 Median Sales Price Mobile DOM Mobile Median Sales Price This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5