Sales: According to the Montgomery Area Association of REALTORS, December home sales in the area decreased 33.8% year-over-year (Y/Y) from 548 to 363 closed transactions. Sales decreased 0.6% from November. Sales are now down 14.8% 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 increased 52.8% year-over-year from 582 to 889 listings. Months of supply increased from 1.1 in December 2021 to 2.4 in December 2022, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in December was $224,000, an increase of 6.7% from one year ago and an increase of 14.3% from November. 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 December averaged 61 days on the market (DOM), 7 days slower than December 2021.
Forecast: December sales were 146 units, or 28.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 509 sales for the month, while actual sales were 363 units. ACRE forecast a total of 6,506 residential sales year-to-date, while there were 5,660 actual sales through December, a difference of 13.0%.
New Construction: The 68 new homes sold represent 18.7% of all residential sales in the area in December. Total sales decreased 22.7% year-over-year. The median sales price in December was $391,520, an increase of 10.8% from one year ago and an increase of 1.3% from November. New homes sold in an average of 67 days, 0 days slower than December 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.
