Montgomery-area home sales increase 24% from prior month in May

Sales: According to the Montgomery Area Association of REALTORS, May home sales in the area decreased 21.5% year-over-year (Y/Y) from 572 to 449 closed transactions. Sales increased 24.4% from April. Sales are now down 13.2% 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 26.7% year-over-year from 636 to 806 listings. Months of supply decreased from 3.6 in May 2022 to 1.8 in May 2023, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in May was $236,398, an increase of 0.3% from one year ago and an increase of 7.5% from April. 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 May averaged 71 days on the market (DOM), 22 days slower than May 2022.

Forecast: May sales were 6 units, or 1.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 455 sales for the month, while actual sales were 449 units. ACRE forecast a total of 1,828 residential sales year-to-date, while there were 1,750 actual sales through May, a difference of 4.3%.   

New Construction: The 66 new homes sold represent 14.7% of all residential sales in the area in May. Total sales decreased 40.3% year-over-year. The median sales price in May was $388,768, an increase of 5.6% from one year ago and a decrease of 3.2% from April. New homes sold in an average of 115 days, 56 days slower than May 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.