July home sales in the Montgomery area improve from one year ago
Sales: According to the Montgomery Area Association of REALTORS, July home sales in the area increased 23.5% from 497 to 614 closed transactions. Sales were up 2.9% from June, and after the sizable gain in July, sales are now up 7.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale decreased 32.1% year-over-year from 1,881 to 1,278 listings. Months of supply decreased from 3.8 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in July was $189,950, an increase of 8.5% from one year ago and a decrease of 2.2% from June. 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 July averaged 98 days on the market (DOM), 16 days slower than July 2019.
Forecast: July sales were 112 units, or 22.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 502 sales for the month, while actual sales were 614 units. ACRE forecast a total of 3,030 residential sales year-to-date, while there were 3,149 actual sales through July, a difference of 3.9%.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.