According to the Montgomery Area Association of REALTORS, March home sales in the area decreased 1.5% year-over-year from 389 to 383 closed transactions. Sales increased 25.6% from February. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 29.0% year-over-year from 801 to 1,033 listings. Months of supply increased from 2.1 in March 2023 to 2.7 in March 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in March was $230,000, an increase of 15.0% from one year ago and an increase of 0.0% from February. 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 March averaged 85 days on the market (DOM), 11 days slower than March 2023.
Forecast: March sales were 9 units, or 2.38%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 392 sales for the month, while actual sales were 383 units. ACRE forecasted a total of 935 home sales year-to-date, while there were 939 actual sales through March, a difference of 0.4%.
New Construction: The 65 new homes sold represent 17.0% of all residential sales in the area in March. Total sales increased 62.5% year-over-year. The median sales price in March was $359,714, an increase of 2.3% from one year ago and a decrease of 3.2% from February.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
