Mobile Residential Report:
New Construction
March 2013 - March 2014
This report covers summary data of new construction from the Mobile Area Multi-List. The numbers
cover all sold properties represented by real estate agents for the time period shown.
"Data you can use. Education you can use."
http://creed.southalabama.edu
Mobile Area Association of Realtors
2827 Airport Blvd., Mobile, AL 36606
Telephone: 251.479.8654
www.mobilerealtor.com
Report Analysis by: Andrea Justiniano, Research Associate
USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty,
express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor
represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service
does not constitute an endorsement, recommendation, or favoring by USA.
does not constitute an endorsement, recommendation, or favoring by USA.
Mobile Residential New Construction
March 2013 - March 2014
Average Sales Price
The average sales price of newly constructed
sold properties for March 2014, increased by
23.16% from February 2014. Compared to
March 2013, average sales price increased
by 25.94%. In the period between March
2013, and March 2014, the highest average
sales price reported was $229,846 in March
2014. The lowest average sales price in the
same period was $178,372 in July 2013.
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
$182,499
$197,893
$188,723
$204,740
$178,372
$205,729
$199,039
$185,977
$199,067
$185,495
$207,757
$186,617
$229,846
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
$178,035
$213,415
$169,300
$180,375
$162,900
$191,612
$212,950
$184,900
$187,470
$172,900
$199,900
$174,900
$179,900
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
34
39
38
37
33
24
22
21
20
21
13
25
40
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Mar-13
Jul-13
Nov-13
Mar-14
Jul-13
Nov-13
Mar-14
Median Sales Price
Median sales price in March 2014, increased
by 2.86% from the previous month.
Compared to March 2013, median sales
price increased by 1.05%. In the last 12
months, the lowest median sales price
reported was $162,900 in July, 2013. The
highest median sales price reported was
$213,415 in April 2013.
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Mar-13
Number of Sales
The number of sales of newly constructed
residential properties increased by 60% in
March 2014 compared to the previous
month. Compared to March 2013, the
number of sales increased by 17.65%, or by
6 sales. The trendline for the past 12 months
shows a steady decrease in te number of
sales from April 2013 to January 2014, and a
sharp increase from February 2014 to March
2014.
Page 2
50
40
30
20
10
0
Mar-13
Jul-13
Nov-13
Mar-14
Mobile Residential New Construction
March 2013 - March 2014
Average Days on the Market
Average days on the market (DOM)
decreased by 10.05% from February to
March 2014. Compared to March 2013, DOM
increased from 123 days to 179 days, a
45.53% increase. Between March 2013, and
March 2014, the highest average DOM
reported was 240 days in January 2014. The
lowest average DOM reported in the same
period was 109 days in October 2013.
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
123
122
119
144
153
135
157
109
220
185
240
199
179
300
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
6.32
5.30
5.52
5.40
6.03
8.29
9.18
9.33
9.55
8.33
12.61
6.52
4.05
14.00
$150,000$199,999
11
11
15
11
10
13
4
8
9
11
7
15
18
$200,000$299,999
10
18
11
10
7
10
11
8
7
6
5
7
14
250
200
150
100
50
0
Mar-13
Jul-13
Nov-13
Mar-14
Months Inventory
Months of new home inventory reported in
March 2014 decreased by 37.88% since
February 2014. Compared to March 2013,
months inventory decreased by 35.92%. The
trendline for months inventory shows a
steady decrease from March 2013 to June,
2013 and a steady increase from June, 2013
to November 2013. The highest months
inventory reported in the last 12 months was
12.61 months in January 2014, and the
lowest months inventory reported was 4.05
months in March 2014.
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Mar-13
Jul-13
Nov-13
Price Range of Sold Properties
$0-$99,999
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
0
0
0
0
0
0
0
2
1
0
0
0
0
$100,000$149,999
12
8
11
12
15
1
6
3
2
4
0
3
6
Page 3
$300,000$499,999
1
2
1
3
1
0
1
0
1
0
1
0
1
Over
$500,000
0
0
0
1
0
0
0
0
0
0
0
0
1
Total
34
39
38
37
33
24
22
21
20
21
13
25
40
Mar-14
Mobile Residential New Construction
March 2013 - March 2014
Price Range of Sold Properties (continued)
45
Over $500,000
For the past 12 months, 95.37%y of new
residential properties sold were priced
between $100,000 and $299,999. Of the 367
properties sold in the past 12 months, the
highest percentage of sold properties falls
under the $150,000 to $199,999 price range,
with a 38.96% or 143 properties. In March
2013, the highest percentage of properties
sold fell under the $100,000-$149,999 range
with 12 properties or 35.29%. In March 2014,
the highest percentage of sold properties fell
under the $150,000-$199,999 range with 18
properties or 45%.
40
$300,000-$499,999
35
$200,000-$299,999
$150,000-$199,999
30
$100,000-$149,999
25
$0-$99,999
20
15
10
5
0
Mar-13
Jul-13
Nov-13
Mar-14
Sales by MLS Zone
Area
01 Downtown
02 MidTown South
03 MidTown East
04 Dauphin Island Parkway North
07 MidTown West
09 MidCentral
10 Eight Mile/Prichard
11 Chickasaw
14 Municipal Park/West Central
15 Springhill/USA
16 Cottage Hill North
17 Cottage Hill South
18 West Mobile
19 Tillman's Corner
20 Western Bay Shores
21 Dauphin Island Parkway South
22 South Mobile County/Theodore
23 Grand Bay North
24 West Mobile County
25 West Mobile/Semmes
26 Semmes/Wilmer/Lott Rd
27 Saraland
28 Saraland/Satsuma/Axis/Creola
29 NorthEast Mobile County/Mt. Vernon
30 Dauphin Island
31 NorthWest Mobile County/Citronelle
TOTALS
# of Sales
0
0
1
0
0
1
0
0
0
3
18
13
67
17
2
0
4
3
85
109
12
7
24
0
1
0
367
Avg Sales
$0
$0
$142,000
$0
$0
$89,900
$0
$0
$0
$705,666
$183,611
$206,970
$189,229
$176,196
$134,950
$0
$109,987
$192,933
$213,702
$180,271
$133,691
$182,982
$240,354
$0
$440,000
$0
$196,770
Page 4
Median Sales
$0
$0
$142,000
$0
$0
$89,900
$0
$0
$0
$590,000
$189,900
$174,375
$166,295
$174,300
$134,950
$0
$89,975
$165,900
$220,000
$178,443
$124,750
$170,605
$259,900
$0
$440,000
$0
$179,900
This table reflects the total
number of sales and sales price
for each MLS zone from March
2013, to March 2014.
For the period between March
2013, and March 2014, 71.12% of
new home property sales
occurred in West Mobile, which
includes zones 18, 24 and 25.
The area with the highest average
and median sales price was
Springhill/USA (zone 15) at
$705,666 and $590,000,
respectively. Total figures for the
entire period were 367 sales;
$196,502 overall average sales
price; and $179,900 overall
median sales price.
Mobile Residential New Construction
March 2013 - March 2014
Sales by MLS Zone (continued)
1
109
3
85
67
18
13
17
3
4
2
Page 5
1
Mobile Residential New Construction
March 2013 - March 2014
Sales by MLS Zone (continued)
24
12
7
Page 6
Source: All data is supplied by the Mobile Multi-List.
This report can be found on our website http://creed.southalabama.edu
For further information, please contact:
Don Epley, Ph.D., MAI, CCIM
Director, CREED
Mitchell College of Business
University of South Alabama
Email: depley@southalabama.edu
Report Analysis by:
Andrea Justiniano, MBA student
Research Associate, CREED
Mitchell College of Business
University of South Alabama
Email: aj901@jagmail.southalabama.edu
Page 7