Sales: According to the Montgomery Area Association of REALTORS, January home sales in the area increased 11.5% year-over-year (Y/Y) from 356 to 397 closed transactions. Following seasonal trends, sales decreased 27.6% from December. Sales are now up 11.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
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Inventory: January listings (497) decreased 14.6% from December and declined 37.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.1 months in December and down from 2.2 months in January 2021.
Pricing: The median sales price in January was $200,000, an increase of 8.1% from one year ago and a decrease of 4.8% from December. 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 January averaged 59 days on the market (DOM), 26 days faster than January 2021.
Forecast: January sales were 1 unit, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 398 sales for the month, while actual sales were 397 units. ACRE forecast a total of 398 residential sales year-to-date, while there were 397 actual sales through January, a difference of 0.3%.
New Construction: The 51 new homes sold represent 12.8% of all residential sales in the area in January. Total sales decreased 15.0% year-over-year. The median sales price in January was $339,765, an increase of 15.4% from one year ago and a decrease of 3.9% from December. New homes sold in an average of 59 days, 27 days faster than January 2021.
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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.