According to the Montgomery Area Association of REALTORS, May home sales in the area decreased 0.2% year-over-year from 449 to 448 closed transactions. Sales increased 21.4% from April. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 5.6% from April and increased 40.5% year-over-year from 806 to 1,132 listings. Months of supply increased from 1.8 in May 2023 to 2.5 in May 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in March was $255,000, an increase of 7.9% from one year ago and an increase of 13.3% from April. 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 May averaged 71 days on the market (DOM), unchanged from May 2023.
Forecast: May sales were 39 units, or 7.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 487 sales for the month, while actual sales were 448 units. ACRE forecasted a total of 1,817 home sales year-to-date, while there were 1,756 actual sales through May, a difference of 3.4%.
New Construction: The 70 new homes sold represent 15.6% of all residential sales in the area in May. Total sales increased 29.6% year-over-year. The median sales price in May was $3762,460, a decrease of 1.5% from one year ago and a decrease of 3.8% from April.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
