Montgomery-area home sales decrease 8% in October

Sales: According to the Montgomery Area Association of REALTORS, October home sales in the area decreased 8.1% year-over-year (Y/Y) from 578 to 531 closed transactions, ending 16 consecutive months of Y/Y gains. Following seasonal trends, sales decreased 5.3% from September. Sales are now up 10.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Montgomery-area housing data, click here.

Inventory: October listings (670) decreased 5.5% from September and declined 36.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, unchanged from September and down from 2.1 months in October 2020. 

Pricing: The median sales price in October was $208,000, an increase of 4.8% from one year ago and an increase of 1.5% from September. 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 October averaged 54 days on the market (DOM), 33 days faster than October 2020.

Forecast: October sales were 29 units, or 5.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 502 sales for the month, while actual sales were 531 units. ACRE forecast a total of 5,239 residential sales year-to-date, while there were 5,606 actual sales through September, a difference of 7.0%.   

New Construction: The 67 new homes sold represent 12.6% of all residential sales in the area in October. Total sales decreased 8.2% year-over-year. The median sales price in October was $328,631, an increase of 13.1% from one year ago and an increase of 3.6% from September. New homes sold in an average of 51 days, 60 days faster than October 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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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