Montgomery-area home sales up 2% year-over-year in April

According to the Montgomery Area Association of REALTORS, April home sales in the area increased 2.2% year-over-year from 361 to 369 closed transactions. Sales decreased 3.7% from March. Two more resources to review: Quarterly Report and Annual Report. 

For all Montgomery-area housing data, click here. 

Inventory: Homes listed for sale increased 35.5% year-over-year from 791 to 1,072 listings. Months of supply increased from 2.2 in April 2023 to 2.9 in April 2024, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in April was $225,000, an increase of 2.3% from one year ago and a decrease of 2.2% from March. 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 April averaged 80 days on the market (DOM), 4 days slower than April 2023. 

Forecast: April sales were 27 units, or 6.7%, below the Alabama Center for Real Estate’s  (ACRE) monthly forecast. ACRE projected 396 sales for the month, while actual sales were 369 units. ACRE forecasted a total of 1,331 home sales year-to-date, while there were 1,308 actual sales through April, a difference of 1.7%. 

New Construction: The 54 new homes sold represent 14.6% of all residential sales in the area in April. Total sales increased 17.4% year-over-year. The median sales price in April was $376,642, a decrease of 0.8% from one year ago and an increase of 4.7% from March. 

Click here to view the entire monthly report. 

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