Montgomery area home sales down 9% year-over-year in October

According to the Montgomery Area Association of REALTORS, October home sales in the area decreased 8.7% year-over-year (Y/Y) from 403 to 368 closed transactions. Sales increased 4.8% from September. Sales are now down 23.8% 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 24.1% year-over-year from 923 to 1,145 listings. Months of supply increased from 2.3 in October 2022 to 3.1 in October 2023, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in October was $223,250, a decrease of 0.8% from one year ago and a decrease of 4.2% from September. 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 October averaged 54 days on the market (DOM), 2 days faster than October 2022.

Forecast: October sales were 24 units, or 6.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 392 sales for the month, while actual sales were 368 units. ACRE forecast a total of 4,042 residential sales year-to-date, while there were 3,759 actual sales through October, a difference of 7.0%.   

New Construction: The 58 new homes sold represent 15.8% of all residential sales in the area in October. Total sales increased 39.3% year-over-year. The median sales price in October was $349,310, a decrease of 0.9% from one year ago and a decrease of 1.9% from September. 

Click here to view the entire monthly report.

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