Sales: According to the Montgomery Area Association of REALTORS, August home sales in the area increased 10.9% year-over-year (Y/Y) from 522 to 579 closed transactions, marking 15 consecutive months of Y/Y gains. Following seasonal trends, sales decreased 15.5% from July. Sales are now up 23% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
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Inventory: August listings (765) decreased 3.5% from July and declined 34.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.2 month in July and down from 2.2 months in August 2020.
Pricing: The median sales price in August was $202,000, an increase of 13.8% from one year ago and a decrease of 10% 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 51 days on the market (DOM), 41 days faster than August 2020.
Forecast: August sales were 14 units, or 2.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 565 sales for the month, while actual sales were 579 units. ACRE forecast a total of 4,199 residential sales year-to-date, while there were 4,514 actual sales through July, a difference of 7.5%.
New Construction: The 55 new homes sold represent 9.5% of all residential sales in the area in August. Total sales decreased 5.2% year-over-year. The median sales price in August was $314,060, an increase of 7.9% from one year ago and a decrease of 3.3% from July. New homes sold in an average of 46 days, 68 day faster than August 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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.