According to the Montgomery Area Association of REALTORS, February home sales in the area increased 4.6% year-over-year from 292 to 305 closed transactions. Sales increased 21.5% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 25.2% year-over-year from 819 to 1,025 listings. Months of supply increased from 2.8 in February 2023 to 3.4 in February 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $230,000, an increase of 9.5% from one year ago and 2.3% from January. 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 February averaged 77 days on the market (DOM), 1 day slower than February 2023.
Forecast: February sales were 23 units, or 8.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 282 sales for the month, while actual sales were 305 units. ACRE forecasted a total of 543 home sales year-to-date, while there were 556 actual sales through February, a difference of 2.4%.
New Construction: The 54 new homes sold represent 17.7% of all residential sales in the area in February. Total sales increased 68.8% year-over-year. The median sales price in February was $371,613, an increase of 5.6% from one year ago and a decrease of 0.9% from January.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
