Sales: According to the Montgomery Area Association of REALTORS, February home sales in the area increased 32.1% year-over-year (Y/Y) from 333 to 440 closed transactions, marking nine consecutive months of Y/Y gains. Following seasonal trends, sales increased 23.6% from January. Sales are now up 27% 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 56.8% year-over-year from 1,592 to 688 listings. Months of supply decreased from 4.8 to 1.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $195,336, an increase of 23.2% from one year ago and an increase of 5.6% from January. 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 February averaged 85 days on the market (DOM), 22 days faster than February 2020.
Forecast: February sales were 13 units, or 3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 427 sales for the month, while actual sales were 440 units. ACRE forecast a total of 840 residential sales year-to-date, while there were 796 actual sales through February, a difference of 5.3%.
New Construction: The 55 new homes sold represent 12.5% of all residential sales in the area in February. Total sales increased 25% year-over-year, extending the area’s streak of Y/Y gains in new home sales to 11 consecutive months. The median sales price in February was $328,828, an increase of 21% from one year ago and an increase of 11.7% from January. New homes sold in an average of 76 days, 49 days faster than February 2020.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.