Montgomery-area home sales down 12% year-over-year in November

According to the Montgomery Area Association of REALTORS, November home sales in the area decreased 12.6% year-over-year (Y/Y) from 368 to 319 closed transactions. Sales decreased 13.3% from October. Sales are now down 12.6% 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 decreased 0.4% year-over-year from 1,145 to 1,140 listings. Months of supply increased from 2.3 in November 2022 to 3.6 in November 2023, reflecting a market where sellers generally have elevated bargaining power.  

Pricing: The median sales price in November was $230,000, an increase of 17.4% from one year ago and an increase of 3.0% from October. 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 November averaged 69 days on the market (DOM), 9 days slower than November 2022. 

Forecast: November sales were 52 units, or 14.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 371 sales for the month, while actual sales were 319 units. ACRE forecast a total of 4,413 residential sales year-to-date, while there were 4,078 actual sales through November, a difference of 7.6%.    

New Construction: The 65 new homes sold represent 17.7% of all residential sales in the area in November. Total sales increased 22.7% year-over-year. The median sales price in November was $333,967, a decrease of 13.6% from one year ago and a decrease of 4.4% from October.  

Click here to view the entire monthly report. 

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