Sales: According to the Montgomery Area Association of REALTORS, August home sales in the area increased 4.6% from 499 to 522 closed transactions. Sales were down 15% from July, and sales are now up 7.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale decreased 37.3% year-over-year from 1,869 to 1,172 listings. Months of supply decreased from 3.7 to 2.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in August was $177,500, an increase of 7.6% from one year ago and a decrease of 6.6% from July. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in August averaged 92 days on the market (DOM), 1 days slower than August 2019.
Forecast: August sales were 40 units, or 8.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 482 sales for the month, while actual sales were 522 units. ACRE forecast a total of 3,512 residential sales year-to-date, while there were 3,671 actual sales through August, a difference of 4.5%.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period August 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
