Montgomery-area home sales down 3% year-over-year in January

According to the Montgomery Area Association of REALTORS, January home sales in the area decreased 3.1% year-over-year from 259 to 251 closed transactions. Sales decreased 22.1% from December. Two more resources to review: Quarterly Report and Annual Report. 

For all Montgomery-area housing data, click here. 

Inventory: Homes listed for sale increased 17.7% year-over-year from 855 to 1,006 listings. Months of supply increased from 3.2 in January 2023 to 4.0 in January 2024, reflecting a market where sellers generally have elevated bargaining power.  

Pricing: The median sales price in January was $224,900 an increase of 24.9% from one year ago and a decrease of 0.4% from December. 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 January averaged 76 days on the market (DOM), 10 days slower than January 2023. 

Forecast: January sales were 10 units, or 3.8%, below the Alabama Center for Real Estate’s  (ACRE) monthly forecast. ACRE projected 261 sales for the month, while actual sales were 251 units.     

New Construction: The 42 new homes sold represent 16.7% of all residential sales in the area in January. Total sales increased 82.6% year-over-year. The median sales price in January was $374,862, a decrease of 7.4% from one year ago and an increase of 2.8% from December.  

Click here to view the entire monthly report. 

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