Mobile Single-Family Real Estate Center for Real Estate Studies Mobile Area Multi-List Go to: http://cres.southalabama.edu for more data Month of October, 2012 Mobile County Residential Market Prices: For the month of October, 2012, the average sales price decreased from $131,520 in September to $126,910, a 3.51 percent change. The median sales price decreased from $116,000 to $106,500 in the same period, showing a decrease by 8.19 percent. Sales: The number of sales in October decreased by 2.71 percent from September, having 287 sales. Compared to October, 2011, total sales increased by 3.99 percent, or from 276 sales to 287 sales in October, 2012. Volume: Of the 287 total sales, 240 sales were under $200,000, representing 83.62 percent of the entire market. Of the 240 sales that were under $200,000, 56.25 percent of those sales occurred in the $0-$99,000 range. Sales in the $150,000$199,999 range decreased by 19.61 percent, or from 51 sales to 41 sales in October, 2012. There were 4 sales that sold over $500,000 in October. Months-to-Sell Inventory: The average number of months to sell the existing inventory of properties in October increased by 0.19 percent, or from 10.30 in September to 10.32. Compared to October, 2011, the month’s inventory decreased by 18.29 percent, or from 12.63 to 10.32 in October, 2012. U.S.: The U.S. market in August showed a 10.7 percent increase in sales from the previous month. The average sales price decreased from $236,200 to $233,100, a 1.3 percent change. The median sales price also decreased by 1.5 percent, or from $187,800 to $184,900. The inventory month’s supply decreased by 6.3 percent from July to August. Compared to August, 2011, inventory month’s supply decreased by 26.8 percent. Overall Analysis: For the month of October, the Mobile housing market showed a decrease in sales price and an increase in inventory month’s supply since the previous month. Compared to October sales in 2011, average sales price and median sales price have increased by 15.51 percent and 19.06 percent, respectively, and month’s inventory has decreased by 18.29 percent. United States Existing Home Prices for All Housing Types Time Sales Average Sales Price Median Sales Price Inventory Months Supply Median Sales Price $190,000 Aug-11 429,000 $219,500 $171,200 8.2 $185,000 Jul-12 430,000 $236,200 $187,800 6.4 $180,000 Aug-12 476,000 $233,100 $184,900 6.0 $175,000 Vs. Last Month (%) 10.7 -1.3 -1.5 -6.3 $165,000 Vs. Last Year (%) 11.0 6.2 8.0 -26.8 $160,000 Aug-11 $170,000 Jul-12 Aug-12 Data Sources: All data taken from the Mobile Area Association of Realtors, Jeff Newman, Office: 251.479.8654; and the National Association of Realtors, www.realtor.com. For additional information: Dr. Don Epley, Director, Center for Real Estate Studies, Mitchell College of Business, University of South Alabama, Office: 251.460.6735, E-mail: depley@usouthal.edu. University of South Alabama 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. October 2012 Mobile County Single-Family Residential Report Average Sales Price $160,000 Median Sales Price $140,000 $140,000 $120,000 $120,000 $100,000 $100,000 $80,000 $80,000 $60,000 $60,000 $40,000 $40,000 $20,000 $20,000 $0 Oct-09 Oct-10 Oct-11 Sep-12 Oct-09 vs. Last Month (%) Oct-10 Month Avg. Sales $ Oct-09 $141,881 Oct-10 $129,357 -8.83 Oct-11 $109,866 -15.07 Oct-11 Sep-12 $131,520 Sep-12 $116,000 Oct-12 $126,910 Oct-12 $106,500 Annual 10 Annual 11 $136,609 Annual 10 Annual 11 $120,000 $104,450 $121,901 vs. Last Year (%) $0 Oct-12 -3.51 -10.77 Number of Sales 400 15.00 200 10.00 100 5.00 0 Sep-12 vs. Last Year (%) Month Med. Sales $ Oct-09 $125,000 Oct-10 $106,900 -14.48 $89,450 -16.32 Oct-12 vs. Last Month (%) -8.19 -12.96 Month's Inventory 20.00 300 Oct-11 0.00 Oct-09 Oct-10 Oct-11 Sep-12 Oct-12 Month # Sales vs. Last Year (%) Oct-09 343 Oct-10 237 -30.90 Oct-10 16.62 50.82 Oct-11 276 16.46 Oct-11 12.63 -24.01 Sep-12 295 Sep-12 10.30 Oct-12 287 Oct-12 10.32 Annual 10 3323 Annual 10 14.28 Annual 11 3397 Annual 11 12.37 Oct-09 vs. Last Month (%) -2.71 2.23 Oct-10 Oct-11 Month Month's Inventory Oct-09 11.02 Sep-12 vs. Last Year (%) Oct-12 vs. Last Month (%) 0.19 -13.38 $300,000$499,999 62 34 15 2 35 25 13 2 36 22 9 1 64 51 35 10 4 Month 0-$99,999 $100,000$149,999 Oct-09 109 121 Oct-10 111 51 Oct-11 151 57 Sep-12 131 $150,000$199,999 Oct-12 135 64 41 34 9 4 Ann. 10 1284 913 536 419 129 42 Ann. 11 1652 790 448 344 124 39 Number $200,000$299,999 Over $500K Price Range of Sales 160 140 120 100 80 60 40 20 0 Oct-09 Oct-10 Oct-11 Sep-12 Oct-12