Montgomery-area home sales down 27% year-over-year in March

Sales: According to the Montgomery Area Association of REALTORS, March home sales in the area decreased 26.9% year-over-year (Y/Y) from 532 to 389 closed transactions. Following seasonal trends, sales increased 33.2% from February. Sales are now down 30.8% 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 52.3% year-over-year from 526 to 801 listings. Months of supply increased from 1.0 in March 2022 to 2.1 in March 2023, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in March was $200,000, a decrease of 7.0% from one year ago and a decrease of 4.8% from February. 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 March averaged 74 days on the market (DOM), 26 days slower than March 2022.

Forecast: March sales were 25 units, or 6.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 414 sales for the month, while actual sales were 389 units. ACRE forecast a total of 970 residential sales year-to-date, while there were 940 actual sales through March, a difference of 3.1%.   

New Construction: The 40 new homes sold represent 10.3% of all residential sales in the area in March. Total sales decreased 33.3% year-over-year. The median sales price in March was $351,593, a decrease of 3.4% from one year ago and a decrease of 0.1% from February. New homes sold in an average of 123 days, 60 days slower than March 2022. 

Click here to view the entire monthly report.

The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.