June home sales in the Montgomery area improve from one year ago
Sales: According to the Montgomery Area Association of REALTORS, June home sales in the area increased 32.1% from 452 to 597 closed transactions. Sales were up 31.5% from May, largely as a result of pent-up demand. After the sizable gain in June, sales are now up 4.2% 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 33.7% year-over-year from 1,919 to 1,273 listings. Months of supply decreased from 4.2 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in June was $194,227, an increase of 14.3% from one year ago and an increase of 10.7% 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 88 days on the market (DOM), 11 days faster than June 2019.
Forecast: June sales were 98 units, or 19.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 499 sales for the month, while actual sales were 597 units. ACRE forecast a total of 2,528 residential sales year-to-date, while there were 2,535 actual sales through June, a difference of 0.3%.
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 June 1 - 30, 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.