Sales: According to the Montgomery Area Association of REALTORS, April home sales in the area increased 40.3% year-over-year (Y/Y) from 429 to 602 closed transactions, marking eleven consecutive months of Y/Y gains. Following seasonal trends, sales increased 3.6% from March. Sales are now up 33.4% 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 54.94% year-over-year from 1,529 to 689 listings. Months of supply decreased from 3.6 to 1.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in April was $192,765, an increase of 13.5% from one year ago and a decrease of 0.6% from March. 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 April averaged 69 days on the market (DOM), 33 days faster than April 2020.
Forecast: April sales were 88 units, or 17.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 514 sales for the month, while actual sales were 602 units. ACRE forecast a total of 1,897 residential sales year-to-date, while there were 1,979 actual sales through April, a difference of 4.3%.
New Construction: The 70 new homes sold represent 11.6% of all residential sales in the area in April. Total sales increased 42.9% year-over-year, extending the area’s streak of Y/Y gains in new home sales to 13 consecutive months. The median sales price in April was $337,724, a record high and an increase of 23.7% from one year ago and an increase of 10.9% from March. New homes sold in an average of 99 days, 40 days faster than April 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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.