Montgomery-area home sales down 25% year-over-year in April

Sales: According to the Montgomery Area Association of REALTORS, April home sales in the area decreased 25.3% year-over-year (Y/Y) from 483 to 361 closed transactions. Sales decreased 7.2% from March. Sales are now down 29.4% 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 46.2% year-over-year from 541 to 701 listings. Months of supply increased from 1.1 in April 2022 to 2.2 in April 2023, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in April was $220,000, a decrease of 2.2% from one year ago and an increase of 10.0% from March. 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 April averaged 76 days on the market (DOM), 27 days slower than April 2022.

Forecast: April sales were 43 units, or 10.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 404 sales for the month, while actual sales were 361 units. ACRE forecast a total of 1,373 residential sales year-to-date, while there were 1,301 actual sales through April, a difference of 5.3%.   

New Construction: The 46 new homes sold represent 12.7% of all residential sales in the area in April. Total sales decreased 40.3% year-over-year. The median sales price in April was $379,846, an increase of 14.3% from one year ago and an increase of 8.0% from March. New homes sold in an average of 112 days, 46 days slower than April 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.