Additional data and information can be found at http://cres.southalabama.edu
The number of sales increased from 236 to 309 between February and March while the average sale price decreased
3.4 percent from $132,580 to $128,112. The number of sales increased in every price range under $200,000. Sales dropped from 38 to 34 in the $200,000-$299,999 range, and two sales occurred over $500,000 compared to two sales in March, 2009, and four in March, 2008. The highest volume of sales was 118 in the $0-$99,999 bracket which showed an increase from 91 in February and 100 sales in March, 2009. The median sale price fell to $118,500 from
$120,000 in February. The Mobile market showed signs of slow recovery with number of sales and month’s inventory performing at levels higher than February, 2010.
The average number of months to sell the existing inventory of properties decreased to 11.66. The number is calculated by dividing the number of properties for sale, 3603, by the number of sales, 309. For March, the properties for sale increased and the number of sales increased. This number was 9.06 in March, 2008, and 15.19 in February, 2010. The latest U.S. rate is 7.8 in January, 2010.
The latest figures for the U.S. market in January revealed a 33.4 decrease in the number of sales from December to
January, and a 7.0 percent increase from January, 2009 to January, 2010. The average sale price fell to $212,200, or
3.0 percent from December, 2009. The median price also fell 3.3 percent to $164,900 for the same period.
The highest volume market in Mobile remains under $200,000. In the 309 total sales in March, 261, or 84.5 percent, were in this price range. Thirty-four properties sold in the $200,000-$299,999 price range, twelve in the $300,000-
$499,999 range, and two above one-half million. In March, 95.5 percent of all sales were $300,000 and lower. The number of sales in the $300,000-$499,999 bracket increased from 6 to 12.
The Mobile market showed signs of increasing recovery in March. This month’s absorption rate of 11.66 compared to
7.8 for the U.S. shows that the Mobile market contains too much inventory. Almost 85 percent of all Mobile sales occurred in the price range under $200,000, and almost 96 percent were under $300,000.
Average
Sales
Price
Dec-09 413,000 $218,700
Jan-10 275,000 $212,200
Median
Sales Price
$164,800
$170,500
$164,900
Inventory
Month
Supply
9.7
7.2
7.8
Median Sales Price
Time
Jan-09
Sales
257,000 $206,700
$172,000
$170,000
$168,000
$166,000
$164,000
Vs. Last
Month
(%)
-33.4 -3.0 -3.3 8.3
$162,000
$160,000
7.0 2.7 0.1 -19.6
Jan-09 Dec-09 Jan-10
Vs. Last
Year (%)
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.

Average Sales Price
$150,000
$145,000
$140,000
$135,000
$130,000
$125,000
$120,000
$115,000
Mar-07 Mar-08 Mar-09 Feb-10 Mar-10
Month
Ave. Sales
$
$147,901 Mar-07
Mar-08
Mar-09
Feb-10
Mar-10
$147,963
$141,826
$132,580
$128,112
Annual 08 $153,089
Annual 09 $143,064 vs. Last Year
(%) vs. Last
Month (%)
0.04
-4.15
-6.55
-3.37
Median Sales Price
$135,000
$130,000
$125,000
$120,000
$115,000
$110,000
Mar-07 Mar-08 Mar-09 Feb-10 Mar-10
Month Med. Sales $ vs. Last
Year (%) vs. Last
Month (%)
Mar-07
Mar-08
Mar-09
Feb-10
Mar-10
Annual 08
Annual 09
$129,900
$133,000
$123,250
$120,000
$118,500
$133,850
$127,000
2.39
-7.33
-5.12
-1.25
Number of Sales
500
400
300
200
100
0
Mar-07
Month
Mar-07
Mar-08
Mar-09
Feb-10
Mar-10
Annual 08
Annual 09
Mar-08
# Sales
468
362
290
236
309
4106
3472
Mar-09 Feb-10 Mar-10 vs. Last Year
(%) vs. Last
Month (%)
-22.65
-19.89
-15.44
30.93
20
15
10
5
0
Month's Inventory
Mar-07
Month
Mar-07
Mar-08
Mar-09
Feb-10
Mar-10
Annual 08
Annual 09
Mar-08
Month's
Inventory
5.32
9.06
11.53
15.19
11.66
10.33
12.42
Mar-09 Feb-10 vs. Last
Year (%)
70.30
27.26
20.23
Mar-10 vs. Last
Month (%)
-23.24
Month 0-$99,999
$100,000-
$149,999
$150,000-
$199,999
$200,000-
$299,999
$300,000-
$499,999
Mar-07
Mar-08
Mar-09
Feb-10
Mar-10
Ann. 08
Ann. 09
145
117
100
91
118
1248
1142
163
103
81
72
92
1234
1090
67
69
56
27
51
764
612
66
47
33
38
34
588
450
21
22
17
6
12
204
143
2
2
5
4
2
71
34
180
160
140
120
100
80
60
40
20
0
Mar-07 Mar-08 Mar-09 Feb-10 Mar-10