In Mobile — Average Sales Price and Median Price Show Significant Increases

According to a report from the University of South Alabama Center for Real Estate Studies –

The number of sales increased between March and April from 298 to 303 while the average sale price increased from $144,396 to $150,824. The average days on the market increased by 4 to 89.The highest volume of sales remains in the 0-$99,000 bracket with 85. The volume of sales in the $200.000-$300,000 range showed the largest gain of 17 rising from 33 to 50. Further, the median sale price increased by $9,500 to $134,000. The Mobile market showed signs of improvement even through almost all categories are performing at levels lower than April, 2008.

The highest volume of sales was in the $100,000-$149,000 price range followed by the $99,999 and under bracket. Only four properties over $.5 million sold which is the same volume as April. Properties priced at $150,000 and under are 59.8 percent of the current single-family market. Properties priced under $200,000 make up 77.8 percent of all sales.

The U.S. average sales price increased from $210,500 to $211,300, the median increased also from $168,200 to $169,900, and the number of sales increased 27.5 percent. Further, the available inventory declined slightly to 9.6 months. Although these numbers slow improvements from February to March, they are still below the levels for March, 2008.