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 Shows Signs of Recovery
Month of February, 2010
The number of sales increased from 183 to 232 between January and February and the average sale price increased
from $130,897 to $132,751. The number of sales increased in all price ranges under $.5 million. Two sales occurred
over $500,000 compared to two sales in February, 2009, and four in February, 2008. The highest volume of sales was
90 in the $0-$99,999 bracket which showed an increase from 77 in January and from 85 in February, 2009. The
median sale price rose to $119,900 from $112,250 in January. The Mobile market showed signs of recovery with
almost all categories performing at levels higher than January, 2010.
The average number of months to sell the existing inventory of properties decreased to 15.3. The number is calculated
by dividing the number of properties for sale, 3552, by the number of sales, 232. For February, the properties for sale
increased and the number of sales increased. This number was 13.88 in February, 2008, and 19.1 in January, 2010. The
latest U.S. rate is 7.2 in December, 2009.
The latest figures for the U.S. market in November revealed a 12.3 decrease in the number of sales from November to
December, and a 14.4 percent increase from December, 2008 to December, 2009. The average sale price rose to
$218,700, or 3.3 percent from November, 2009. The median price also rose 0.3 percent to $170,500 for the same
period.
The highest volume market in Mobile remains under $200,000. In the 232 total sales in February, 187, or 80.6 percent,
were in this price range. Thirty-seven properties sold in the $200,000-$299,999 price range, six in the $300,000$499,999 range, and two above one-half million. In February, 96.6 percent of all sales were $300,000 and lower. The
number of sales in the $300,000-$499,999 bracket increased from 4 to 6.
The Mobile market showed signs of recovery in February. This month’s absorption rate of 15.31 compared to 7.2 for
the U.S. shows that the Mobile market contains too much inventory. Almost 97 percent of all Mobile sales occurred in
the price range under $300,000.
United States Existing Home Prices for All Housing Types
Time
Sales
Dec-08
Nov-09
Dec-09
Vs. Last
Month
(%)
Vs. Last
Year (%)
361,000
471,000
413,000
Ave.
Sales
Price
$217,600
$211,800
$218,700
-12.3
14.4
Med. Sales
Price
Inventory
Mo. Supply
$175,700
$170,000
$170,500
9.4
6.5
7.2
3.3
0.3
10.8
0.5
-3.0
-23.4
Median Sales Price
$178,000
$176,000
$174,000
$172,000
$170,000
$168,000
$166,000
Dec-08
Nov-09
Dec-09
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.
February 2010 Mobile County Single-Family Residential Report
Average Sales Price
$200,000
Median Sales Price
$135,000
$130,000
$150,000
$125,000
$120,000
$100,000
$115,000
$110,000
$50,000
$105,000
$0
$100,000
Feb-07
Feb-08
Feb-09
Month
Ave. Sales
$
Feb-07
$162,066
Feb-08
$150,770
-6.97
Feb-09
$141,273
-6.30
Jan-10
$130,897
Feb-10
$132,751
Annual 08
$153,089
Annual 09
$143,064
Jan-10
vs. Last Year
(%)
Feb-10
Feb-07
vs. Last
Month (%)
Number of Sales
400
Feb-09
Jan-10
vs. Last
Year (%)
Month
Med. Sales $
Feb-07
$131,000
Feb-08
$133,395
1.83
Feb-09
$127,000
-4.79
Jan-10
$112,250
Feb-10
$119,900
Annual 08
$133,850
Annual 09
$127,000
1.42
-6.55
Feb-08
Feb-10
vs. Last
Month (%)
6.82
-5.12
Month's Inventory
25
20
300
15
200
10
100
5
0
0
Feb-07
Feb-08
Feb-09
Month
# Sales
vs. Last Year
(%)
Feb-07
367
Feb-08
330
-10.08
Feb-08
9.68
47.79
Feb-09
235
-28.79
Feb-09
13.88
43.39
Jan-10
183
Feb-10
232
Annual 08
4106
Annual 09
3472
Jan-10
Feb-10
Feb-07
vs. Last
Month (%)
Feb-09
Month
Month's
Inventory
Feb-07
6.55
Jan-10
19.10
Feb-10
15.31
Annual 08
10.33
Annual 09
12.42
26.78
-15.44
Feb-08
Jan-10
vs. Last
Year (%)
Feb-10
vs. Last
Month (%)
-19.84
20.23
0-$99,999
$100,000$149,999
$150,000$199,999
$200,000$299,999
$300,000$499,999
Feb-07
101
121
72
39
14
10
Feb-08
98
105
52
52
18
4
Feb-09
85
65
43
34
6
2
Jan-10
77
51
23
25
4
3
Feb-10
90
70
27
37
6
2
Ann. 08
1248
1234
764
588
204
71
Ann. 09
1142
1090
612
450
143
34
Number
Month
Over $500K
Price Range of Sales
140
120
100
80
60
40
20
0
Feb-07
Feb-08
Feb-09
Jan-10
Feb-10