According to the Montgomery Area Association of REALTORS, August home sales in the area decreased 1.2% year-over-year from 416 to 411 closed transactions. Following seasonal trends, sales decreased 0.5% from July. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 8.5% from July and increased 45.0% year-over-year from 982 to 1,424 listings. Months of supply increased from 2.4 in August 2023 to 3.5 in August 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in August was $245,000, an increase of 0.2% from one year ago and constant from July. 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 August averaged 66 days on the market (DOM), 7 days slower than August 2023.
Forecast: August sales were 20 units, or 4.7%, below the Alabama Center for Real Estate (ACRE) monthly forecast. ACRE projected 431 sales for the month, while actual sales were 411 units. ACRE forecasted a total of 3,140 home sales year-to-date, while there were 3,061 actual sales through August, a difference of 2.5%.
New Construction: The 59 new homes sold represent 14.4% of all residential sales in the area in August. Total sales decreased 10.6% year-over-year. The median sales price in August was $367,029, an increase of 3.8% from one year ago and an increase of 9.8% from July
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
