According to the Montgomery Area Association of REALTORS, June home sales in the area decreased 4.1% year-over-year from 414 to 397 closed transactions. Following seasonal trends, sales decreased 8.1% from May. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 7.1% from May and increased 53.6% year-over-year from 755 to 1,160 listings. Months of supply increased from 1.8 in June 2023 to 2.9 in June 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in June was $227,400, a decrease of 3.9% from one year ago and a decrease of 7.2% from May. 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 June averaged 43 days on the market (DOM), 9 days slower than June 2023.
Forecast: June sales were 39 units, or 7.9%, below the Alabama Center for Real Estate (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 June, a difference of 3.4%.
New Construction: The 84 new homes sold represent 17.5% of all residential sales in the area in June. Total sales increased 15.1% year-over-year. The median sales price in June was $368,204, a decrease of 2.5% from one year ago and an increase of 1.6% from May
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
