Montgomery-area home sales down 11% year-over-year in December

According to the Montgomery Area Association of REALTORS, December home sales in the area decreased 11.3% year-over-year from 363 to 322 closed transactions. Sales increased 0.9% from November. Sales are now down 22.3% 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 17.0% year-over-year from 889 to 1,040 listings. Months of supply increased from 2.4 in December 2022 to 3.2 in December 2023, reflecting a market where sellers generally have elevated bargaining power.  

Pricing: The median sales price in December was $225,760 an increase of 0.8% from one year ago and a decrease of 1.8% from November. 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 December averaged 80 days on the market (DOM), 19 days slower than December 2022. 

Forecast: December sales were 52 units, or 14.0%, below the Alabama Center for Real Estate’s  (ACRE) monthly forecast. ACRE projected 393 sales for the month, while actual sales were 322 units. ACRE forecast a total of 4,413 residential sales year-to-date, while there were 4,400 actual sales through December, a difference of 13 units.    

New Construction: The 71 new homes sold represent 22.0% of all residential sales in the area in December. Total sales increased 4.4% year-over-year. The median sales price in December was $364,566, a decrease of 6.9% from one year ago and an increase of 9.2% from November.  

Click here to view the entire monthly report. 

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