Mobile Residential Report:
New Construction
March 2012 - March 2013
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://cres.southalabama.edu/
Mobile Area Association of Realtors
2827 Airport Blvd., Mobile, AL 36606
Telephone: 251.479.8654
www.mobilerealtor.com
Report Analysis by: Michelle Pinochet, Senior Research Analyst
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.
Mobile Residential New Construction
March 2012 - March 2013
Average Sales Price
The average sales price of newly constructed
sold properties for March, 2013, decreased
by 3.44% from February. Compared to
March, 2012, average sales price decreased
by 7.15%. In the period between March,
2012, and March, 2013, the highest average
sales price reported was $201,887 in
December, 2012. The lowest average sales
price in the same period was $164,537 in
August, 2012.
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
$196,544
$174,412
$179,894
$195,845
$198,182
$164,537
$187,428
$183,383
$181,379
$201,887
$176,455
$189,007
$182,499
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
$162,062
$170,690
$181,625
$196,786
$182,840
$151,825
$177,665
$172,529
$179,841
$184,417
$169,900
$182,000
$178,035
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
40
23
30
28
28
33
38
26
27
30
31
35
34
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Mar-12
Jul-12
Nov-12
Mar-13
Jul-12
Nov-12
Mar-13
Median Sales Price
Median sales price in March, 2013,
decreased by 2.18% from the previous
month. The previous year median sales price
was $162,062, which increased by 9.86% in
March, 2013. In the last 12 months, the
lowest median sales price reported was
$151,825 in August, 2012, and the highest
median sales price was $196,786 in June,
2012.
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Mar-12
Number of Sales
The number of sales of newly constructed
residential properties decreased by 2.86% in
March compared to February. Compared to
March, 2012, the number of sales decreased
by 15.00%, or by 6 sales. The trendline for
the past 12 months shows that the number of
sales has been slightly increasing, with the
exception of the sharp declines from March,
2012, to April, and from September to
October.
Page 2
50
40
30
20
10
0
Mar-12
Jul-12
Nov-12
Mar-13
Mobile Residential New Construction
March 2012 - March 2013
Average Days on the Market
Average days on the market (DOM)
increased by 14.95% from February to
March, 2013. The difference between March,
2013, and March, 2012, is a 26.79%
decrease. Between March, 2012, and March,
2013, the highest average DOM reported
was 215 days in April, 2012. The lowest
average DOM reported in the same period
was 105 days in September, 2012.
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
168
215
138
116
155
155
105
147
119
129
109
107
123
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
4.95
8.47
6.56
7.71
7.96
6.93
5.89
8.88
8.51
7.53
6.61
5.60
5.50
$150,000$199,999
17
8
16
6
12
9
15
11
13
11
16
15
11
$200,000$299,999
9
6
8
13
10
8
14
9
6
11
8
12
10
250
200
150
100
50
0
Mar-12
Jul-12
Nov-12
Mar-13
Months Inventory
Months of new home inventory reported in
March decreased by 1.79% since February.
Compared to March, 2012, months inventory
increased by 11.11%. The trendline for
months inventory in the past 12 months has
been decreasing. The highest months
inventory reported in the last 12 months was
8.88 months in October, 2012, and the lowest
months inventory reported was 4.95 months
in March, 2012.
10.00
8.00
6.00
4.00
2.00
0.00
Mar-12
Jul-12
Nov-12
Price Range of Sold Properties
$0-$99,999
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
0
1
1
0
0
2
0
0
0
0
0
0
0
$100,000$149,999
13
8
5
8
5
14
9
6
8
6
7
8
12
Page 3
$300,000$499,999
0
0
0
1
1
0
0
0
0
2
0
0
1
Over
$500,000
1
0
0
0
0
0
0
0
0
0
0
0
0
Total
40
23
30
28
28
33
38
26
27
30
31
35
34
Mar-13
Mobile Residential New Construction
March 2012 - March 2013
Price Range of Sold Properties (continued)
For the past 12 months, the majority of new
residential properties sold were priced
between $100,000 and $299,999. Of the 34
total sales in March, 2013, 35.29% of sales
were priced between $100,000 and
$149,999. However, the largest percentage
of total sales in February were priced
between $150,000 and $199,999. Compared
to March, 2012, sales in the $150,000 $199,999 price range decreased by 35.29%,
or by 6 sales.
45
Over $500,000
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-12
Jul-12
Nov-12
Mar-13
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
0
0
1
0
0
10
7
56
34
4
0
7
2
109
121
14
25
12
0
0
0
403
Avg Sales
$0
$0
$263,300
$0
$0
$0
$0
$87,000
$0
$0
$195,785
$329,060
$181,072
$171,570
$163,285
$0
$114,271
$162,750
$198,177
$174,735
$136,265
$209,112
$218,639
$0
$0
$0
$185,774
Page 4
Median Sales
$0
$0
$263,300
$0
$0
$0
$0
$87,000
$0
$0
$188,327
$215,000
$164,420
$172,601
$103,370
$0
$124,500
$162,750
$192,820
$168,875
$129,575
$202,615
$226,757
$0
$0
$0
$176,302
This table reflects the total
number of sales and sales price
for each MLS zone from March,
2012, to March, 2013.
For the period between March,
2012, and March, 2013, 70.97%
of new home property sales
occurred in West Mobile, which
includes zones 18, 24 and 25.
The area with the highest average
sales price was Cottage Hill South
(zone 17) at $329,060.
Saraland/Satsuma/Axis/Creola
(zone 28) had the highest median
sales price at $226,757. Total
figures for the entire period were
403 sales; $185,774 overall
average sales price; and
$176,302 overall median sales
price.
Mobile Residential New Construction
March 2012 - March 2013
Sales by MLS Zone (continued)
121
1
109
56
10
7
34
2
7
4
Page 5
Mobile Residential New Construction
March 2012 - March 2013
Sales by MLS Zone (continued)
1
12
14
25
1
Page 6
Source: All data is supplied by the Mobile Multi-List.
This report can be found on our website http://cres.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:
Michelle Pinochet, MBA student
Senior Research Analyst, CREED
Mitchell College of Business
University of South Alabama
Email: mop702@jagmail.southalabama.edu
Page 7