Mobile Single Single-Family Family Real Estate Center for Real Estate Studies Mobile Area Multi-List Additional data and information can be found at CRES website: http://cres.southalabama.edu The Mobile Residential Market Month of August, 2011 Prices: The average sales price decreased by 2.82 percent, falling from $123,124 in July to $119,649 119,649 in August, 2011. The median sales price decreased from $110,000 to $96,850 in the same period, which is an 11.95 percent change. Sales: The number of sales in August increased by 6.04 percent since July, having a total of 316 sales. sales The number of sales in the $0-$99,999 range was 165, which was a 21.32 percent increase compared to last month. The number of sales in the $300,000-$499,999 range increased creased from 9 to 15, a 66.67 percent change. Four sales occurred over $500,000, $ an increase by 2 sales from July, 2011. Volume: Of the 316 total sales in August, 2270 sales were under $200,000, representing 85.44 percent of the entire market. Thirty-three sales occurred in the $150,000--$199,999 range,, resulting in a 17.50 percent decrease. In I the $200,000$299,999 price range, there were 27 sales, which resulted in a decrease by 13 sales compared to July. July Month’s-to-Sell Inventory: The average number of months to sell the existing sting inventory of properties in August decreased from 11.94 in July to 11.15, a 6.62 percent change. Compared to August of last year,, the month’s inventory declined by 30.62 percent, falling from 16.07 to 11.15 in August, 2011 2011. U.S.: The latest update on the U.S. market showed an increase of 12.7 percent in sales from May to June, 2011. The average sales price increased at $226,000,, which resulted in a 3. 3.9 percent change. The median sales price, for the same period, increased 3.7 percent, or from $169,300 169,300 to $175,600. The inventory months supply in June increased by 1.1 percent. Compared to June, 2010, the inventory months supply increased by 3.4 percent. Overall Analysis: For the month of August August, the Mobile housing market showed decreases creases in sales price and inventory months supply. The 21.32 percent increase in number of sales in the $0 $0-$99,999 $99,999 range contributed to the 6.04 percent increase in overall number of sales in Mobile County. Alt Although more sales occurred in August,, over 52 percent of total sales occurred in the lowest price range, which is reflected in the 11.95 percent decrease in median sales price. The month’s inventory declined significantly compared to August August, 2010, resulting in a 30.62 percent change for August, 2011. United States Existing Home Prices for All Housing Types Time Sales Average Sales Price Median Sales Price Inventory Months Supply $185,000 Jun-10 555,000 $229,800 $182,800 8.9 $180,000 May-11 457,000 $217,600 $169,300 9.1 $175,000 Jun-11 515,000 $226,000 $175,600 9.2 $170,000 Vs. Last Month (%) 12.7 3.9 3.7 1.1 $165,000 Vs. Last Year (%) -7.2 -1.7 -3.9 3.4 Median Sales Price $160,000 Jun-10 May-11 May Jun-11 Data Sources: All data taken from the Mobile Area A Association of Realtors, Jeff Newman, Office: 251.479.8654 479.8654; and the National Association of Realtors, www.realtor.com. For additional information: Dr. Don Epley, Director Director, Center for Real Estate Studies, Mitchell College of Business, University of South Alabama, Office: 251.460.6735, E-mail: depley@usouthal.edu 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 e or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represe esents that its use would not infringe on privately owned rights. Reference to any specific commercial al pproduct, process, or service does not constitute an endorsement, recomm mendation, or favoring by USA. August 2011 Mobile County Single-Family Residential Report Average Sales Price $200,000 Median Sales Price $160,000 $140,000 $150,000 $120,000 $100,000 $100,000 $80,000 $60,000 $50,000 $40,000 $20,000 $0 Aug-08 Aug-09 Aug-10 Month Ave. Sales $ Aug-08 $152,889 Aug-09 $145,490 -4.84 Aug-10 $135,527 -6.85 Jul-11 $123,124 Aug-11 $119,649 Annual 09 Annual 10 $143,092 $136,630 Jul-11 vs. Last Year (%) $0 Aug-11 Aug-08 vs. Last Month (%) -2.82 -4.52 Number of Sales 400 15.00 200 10.00 100 5.00 0 Aug-10 Jul-11 vs. Last Year (%) Month Med. Sales $ Aug-08 $137,450 Aug-09 $126,750 -7.78 Aug-10 $119,500 -5.72 Jul-11 $110,000 Aug-11 $96,850 Annual 09 Annual 10 $127,100 $120,000 Aug-11 vs. Last Month (%) -11.95 -5.59 Month's Inventory 20.00 300 Aug-09 0.00 Aug-08 Aug-09 Month # Sales Aug-08 350 Aug-09 316 Aug-10 253 Jul-11 298 Aug-11 316 Annual 09 3481 Annual 10 3321 Aug-10 Jul-11 vs. Last Year (%) Aug-11 Aug-08 vs. Last Month (%) Aug-09 Aug-10 Jul-11 Month Month's Inventory Aug-08 10.22 -9.71 Aug-09 11.67 14.19 -19.94 Aug-10 16.07 37.70 Jul-11 11.94 Aug-11 11.15 Annual 09 12.32 Annual 10 14.20 6.04 -4.60 vs. Last Year (%) Aug-11 vs. Last Month (%) -6.62 15.26 $100,000$149,999 $150,000$199,999 $200,000$299,999 $300,000$499,999 Aug-08 99 113 61 54 20 3 Aug-09 109 100 57 36 7 7 Aug-10 101 70 40 26 13 3 Jul-11 136 71 40 40 9 2 Aug-11 165 72 33 27 15 4 Ann. 09 1145 1092 616 451 143 34 Ann. 10 1283 912 536 419 129 42 Month Number 0-$99,999 Over $500K Price Range of Sales 180 160 140 120 100 80 60 40 20 0 Aug-08 Aug-09 Aug-10 Jul-11 Aug-11