Montgomery-area home sales down 28% year-over-year in September

According to the Montgomery Area Association of REALTORS, September home sales in the area decreased 28.1% year-over-year (Y/Y) from 488 to 351 closed transactions. Sales decreased 15.6% from August. Sales are now down 3.6% 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 19.3% year-over-year from 891 to 1,063 listings. Months of supply increased from 1.8 in September 2022 to 3.0 in September 2023, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in September was $233,000, an increase of 3.6% from one year ago and a decrease of 4.7% from August. 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 September averaged 54 days on the market (DOM), 1 days slower than September 2022.

Forecast: September sales were 56 units, or 13.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 407 sales for the month, while actual sales were 351 units. ACRE forecast a total of 3,649 residential sales year-to-date, while there were 3,391 actual sales through September, a difference of 7.1%.   

New Construction: The 58 new homes sold represent 16.5% of all residential sales in the area in September. Total sales increased 27.5% year-over-year. The median sales price in September was $356,250, an increase of 2.7% from one year ago and an increase of 0.7% from August. 

Click here to view the entire monthly report.

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