Mobile Residential Sales Report February 2019 Total Residential Sales Current Month February 2019 343 Mobile residential* sales for February '19 totaled 343 units, an increase of 12.1 percent when compared to last year. By Product Type (% of Total Sales) Existing SF: 311 (91%) 280 (92%) Condo: 6 (1%) 9 (2%) New Const. 26 (8%) 17 (6%) *Residential = existing single family, condo, & new construction vs. Prior Month January 2019 233 47.2% vs. Last Year February 2018 306 12.1% vs. 5-Yr Avg February 14-'18 276 24.5% vs. Peak February 2019 343 0.0% vs. Trough February 2010 224 53.1% Year to Date February 2019 576 vs.prior Year February 2018 549 4.9% 370 330 310 290 270 230 210 Mobile: Total Residential Sales 343 230 224 ACRE Commentary Historical data indicates that February sales on average ( 14-18) increase 7.4 percent from January. The current month's sales increased 47.2 percent from the prior month. Historical Residential Sales February 2018 306 Graph: February 2009-2019 February 2017 265 (By Month) February 2016 276 February 2016 264 February 2014 267 5- Year Avg: 276 3- Year Avg: 282 Median Sales Price Current Month February 2019 143,500 The median sales price in Mobile in vs. Prior Month January 2019 145,000-1.0% February 2019 was $143,500, vs. Last Year February 2018 145,000-1.0% representing a 1.0 percent decrease vs. 5-Yr Avg February 14-'18 125,280 14.5% from last year. By Product Type (Y-O-Y Comparison) Existing SF: $138,500 $140,000 Condo: $213,500 $145,000 New Const: $205,900 $219,000 Year to Date February 2019 144, vs.prior Year February 2018 146,500-1.5% Median Peak February 2018 145,000-1.0% Trough February 2012 90,000 59.4% $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $,000 $90,000 $80,000 Mobile: Median Sales Price 145,000 143,500 125,500 90,000 ACRE Commentary Historical Median Selling Price Graph: February 2009-2019 Historical data indicates that February median sales prices on (By Month) February 2018 145,000 average ( 14-18) increase 9.7 percent from January. The current month's median price decreased 1.0 percent from the February 2017 129,000 prior month. February 2016 116,450 February 2016 128,450 February 2014 107,500 5- Year Avg: 125,280 3- Year Avg: 130,150 Page 1 of 5
Average Sales Prices Current Month February 2019 161,357 The average sales price in Mobile for vs. Prior Month January 2019 163,000-1.0% February 2019 was $161,357, a 5.0 vs. Last Year February 2018 169,909-5.0% percent decrease from last year. vs. 5-Yr Avg February 14-'18 146,712 10.0% By Product Type (Y-O-Y Comparison) Existing SF: $155,708 $166,715 Condo: $222,417 $158,444 New Const: $214,840 $228,592 Year to Date February 2019 162,179 vs.prior Year February 2018 166,033-2.3% Average Peak February 2018 169,909-5.0% Trough February 2013 116,658 38.3% $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 Mobile: Average Sales Price 169,909 161,357 140,820 116,658 ACRE Commentary Historical data indicates that February average sales prices on Historical Average Selling Price Graph: February 2009-2019 (By Month) average ( 14-18) increase from January by 7.7 percent. The February 2018 169,909 current month's average sales price decreased 1.0 percent from February 2017 153,949 the prior month. February 2016 133,149 February 2016 153,328 February 2014 123,223 5-Year Avg: 146,712 3- Year Avg: 152,336 Days on Market (DOM) Current Month February 2019 70 The average number of days that a Mobile home was on the market in February 2019 was 70 days, representing a decrease of 30 days on market from last year. By Product Type (DOM Comparison) Existing SF: 67 91 Condo: 83 172 New Const: 110 202 vs. Prior Month January 2019 71-1.4% vs. Last Year February 2018-30.0% vs. 5-Yr Avg February 14-'18 106-34.0% Year to Date February 2019 71 vs.prior Year February 2018 93-24.2% 180 160 140 120 80 60 Mobile: Average Days on Market 144 90 70 ACRE Commentary Historical Average DOM Graph: February 2009-2019 "Historical data indicates that February average days on market on average ('14-'18) increases 6.6 percent from January. The current month's DOM average decreased 1.4 percent from the previous month. DOM is anticipated to remain within the current range (40 90 days) for the foreseeable future. February 2018 (By Month) February 2017 87 February 2016 112 February 2016 110 February 2014 121 5-Year Avg: 106 Page 2 of 5
Total Homes Listed for Sale Current Month February 2019 1,352 Mobile homes available for sale in February vs. Prior Month January 2019 1,394-3.0% 2019 decreased by 231 units when vs. Last Year February 2018 1,583-14.6% compared to the same period last year. vs. 5-Yr Avg February 14-'18 2,166-37.6% Mobile: Total Homes Listed 3,800 3,457 3,300 3,145 By Product Type (Inv, Comparison) Existing SF: 1,187 1,400 Condo: 62 47 New Const.: 93 136 Inventory Peak February 2010 3,457-60.9% Trough February 2019 1,352 0.0% 2,800 2,300 1,800 1,352 1,300 ACRE Commentary Historical Total Homes Listed Graph: February 2009-2019 Historical data indicates that February inventory on average ( 14-18) increases 0.4 percent from January. The current month's inventory decreased 3.0 percent from the prior month." February 2018 1,583 (By Month) February 2017 1,880 February 2016 2,184 February 2016 2,565 February 2014 2,619 5-Year Avg: 2,166 Inventory-to-Sales Ratio Current Month February 2019 3.9 The inventory of homes for sale divided vs. Prior Month January 2019 6.0-34.1% by the current monthly sales volume vs. Last Year February 2018 5.2-23.8% equals the # of months of housing supply vs. 5-Yr Avg February 14-'18 7.9-50.4% (market considered to be in balance at approximately 6 months). Mobile currently has 3.9 months of housing supply, down from 5.2 months of supply one year ago. I/S Ratio Peak February 2010 15.4-74.4% Trough February 2019 3.9 1.1% 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 13.7 Mobile: Months of Supply 15.4 3.9 ACRE Commentary Historical I/S Ratio Graph: February 2009-2019 "February's 3.9 months of supply is well below the 5-year average of 50.4 months. Mobile's inventory-to-sales ratio is 2.1 months below equilibrium, indicating that sellers have elevated bargaining power." February 2018 5.2 (By Month) February 2017 7.1 February 2016 7.9 February 2016 9.7 February 2014 9.8 5-Year Avg: 7.9 3- Year Avg: 6.7 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - www.acre.cba.ua.edu. Page 3 of 5
Residential Sales: February 2018-2019 Sales 500 450 400 300 200 1,700 1,650 1,600 1,550 1,500 1,450 1,400 1, 1,300 1, 1,200 Inventory Mobile Sales Mobile Inventory Historical Residential Sales in February of Each Year Sales 400 300 200 150 3,700 3,200 2,700 2,200 1,700 1,200 Inventory Mobile Sales Mobile Inventory Page 4 of 5
Average Days on the Market & Median Sales Price Average Days on Market 180 160 140 120 80 60 40 20 0 150,000 140,000 130,000 120,000 110,000,000 90,000 80,000 Median Sales Price Mobile DOM Mobile Median Sales Price This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5