Mobile Single-Family Real Estate
Center for Real Estate Studies
Mobile Area Multi-List
Additional data and information can be found at http://cres.southalabama.edu
Market Showed Signs of Slowing
Month of July, 2010
The number of sales decreased dramatically by 26.15 percent from 371 to 274 between June and July while the
average sale price decreased slightly from $142,051 to $137,340. The number of sales dropped in every price range
under $500,000. Sales dropped from 58 to 32 in the $200,000-$299,999 range. Four sales occurred over $500,000
compared to two sales in July, 2009, and nine in July, 2008. The highest volume of sales was 111 in the $0-$99,999
bracket which still showed a decline from 127 in June but rose from the 104 sales in July, 2009. The median sale price
fell to $116,500 from $129,900 in June. The Mobile market is slowing.
The average number of months to sell the existing inventory of properties increased to 14.38. The number is calculated
by dividing the number of properties for sale, 3941, by the number of sales, 274. From June to July 2010, the
properties for sale and the number of sales decreased. This number was 10.02 in July, 2009, and 10.65 in June, 2010.
The U.S. rate is 8.3 in May, 2010.
The highest volume market was under $200,000. Of the 274 total sales in July, 225, or 82.1 percent, were in this price
range. Thirty-two properties sold in the $200,000-$299,999 price range, thirteen in the $300,000-$499,999 range, and
four above one-half million. In July, 93.8 percent of all sales were $300,000 and lower. The number of sales in the
$300,000-$499,999 bracket decreased from 19 to 13.
The latest figures for the U.S. market in May revealed a 0.8 percent increase in the number of sales from April to May,
and a 17.7 percent increase from May, 2009, to May, 2010. The average sale price rose by 1.7 percent to $220,900
from April, 2010. The median price also increased 1.3 percent to $174,600 for the same period.
The Mobile market struggled in July compared to the national average. This month’s absorption rate of 14.38
compared to 8.3 for the U.S. shows that the Mobile market still contains too much inventory. Over 82 percent of all
Mobile sales occurred in the price range under $200,000, and almost 94 percent were under $300,000.
United States Existing Home Prices for All Housing Types
Time
Sales
Average
Sales
Price
Median
Sales Price
Inventory
Month
Supply
$175,000
May-09
447,000
$218,200
$174,800
9.7
$174,000
Apr-10
522,000
$217,300
$172,300
8.4
$173,000
May-10
526,000
$220,900
$174,600
8.3
$172,000
0.8
1.7
1.3
-1.2
$171,000
17.7
1.2
-0.1
-14.4
Vs. Last
Month
(%)
Vs. Last
Year (%)
Median Sales Price
May-09
Apr-10
May-10
Data Sources: All data taken from the Mobile Area Association of Realtors, Jeff Newman, 251.479.8654; and the National
Association of Realtors, www.realtor.com. For additional information, contact: Dr. Don Epley, Director, Center for Real Estate
Studies, 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.
July 2010 Mobile County Single-Family Residential Report
Average Sales Price
$200,000
Median Sales Price
$160,000
$140,000
$120,000
$150,000
$100,000
$100,000
$80,000
$60,000
$50,000
$40,000
$20,000
$0
$0
Jul-07
Jul-08
Jul-09
Jun-10
vs. Last Year
(%)
Jul-10
Jul-07
vs. Last
Month (%)
Jul-08
Jul-09
Jun-10
vs. Last
Year (%)
Month
Ave. Sales
$
Jul-07
$169,670
Jul-07
$143,975
Jul-08
$160,258
-5.55
Jul-08
$137,500
-4.50
Jul-09
$143,690
-10.34
Jul-09
$130,000
-5.45
Jun-10
$142,051
Jun-10
$129,900
Jul-10
$137,340
Jul-10
$116,500
Annual 08
$153,089
Annual 08
$133,850
Annual 09
$143,064
Annual 09
$127,000
Month
-3.32
-6.55
Number of Sales
600
Med. Sales $
Jul-10
vs. Last
Month (%)
-10.32
-5.12
Month's Inventory
20
500
15
400
300
10
200
5
100
0
0
Jul-07
Jul-08
Jul-09
Jun-10
Month
# Sales
vs. Last Year
(%)
Jul-07
Jul-10
Jul-07
vs. Last
Month (%)
Jul-08
Month
Jul-09
Month's
Inventory
Jun-10
vs. Last
Year (%)
524
Jul-07
5.54
Jul-08
403
-23.09
Jul-08
8.64
55.96
Jul-09
355
-11.91
Jul-09
10.02
15.97
Jun-10
371
Jul-10
274
Annual 08
4106
Annual 09
3472
Jun-10
10.65
Jul-10
14.38
Annual 08
10.33
Annual 09
12.42
-26.15
-15.44
Jul-10
vs. Last
Month (%)
35.02
20.23
0-$99,999
$100,000$149,999
$150,000$199,999
$200,000$299,999
$300,000$499,999
Jul-07
114
168
99
96
40
7
Jul-08
115
119
87
50
23
9
Jul-09
104
114
65
57
13
2
Jun-10
127
96
69
58
19
2
Jul-10
111
67
47
32
13
4
Ann. 08
1248
1234
764
588
204
71
Ann. 09
1142
1090
612
450
143
34
Number
Month
Over $500K
Price Range of Sales
180
160
140
120
100
80
60
40
20
0
Jul-07
Jul-08
Jul-09
Jun-10
Jul-10