Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Montgomery Area Association of Realtors’ Multiple Listing Service, Montgomery-area residential sales totaled 349 units during September, a decrease in sales of 19 percent from the same month last year. Year-to-date sales decreased 1.7 percent from the same period of 2015. Another resource to review is the Annual Report.

For all Montgomery-area real estate data, click here. 

Home sales in Montgomery during September fell 19 percent compared to last year.

Forecast: Closed transactions during September were five units or 1.4 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 3,326 closed transactions, while the actual sales were 3,307 units, a negative difference of .57 percent.

Supply: The Montgomery area housing inventory in September was 2,541 units, a decrease of 11 percent from September 2015, and 30 percent below the month-of-September peak in 2007 (3,629 units).

There were 7.3 months of housing supply during September, an increase of 10 percent from the same time last year (6.6 months). About 6 months of supply is considered a balanced market during September, with buyer and seller having equal bargaining power.

September inventory in the Montgomery area decreased 0.9 percent from the prior month. This direction is consistent with historical data indicating September inventory on average (2011-2015) decreases from August by 1.5 percent.

Demand: September residential sales decreased 12.5 percent from the prior month. This direction contrasts with seasonal patterns and historical data indicating that September sales, on average (2010-2014), increase from August by 3.2 percent.

Existing single-family home sales accounted for 87 percent of total sales, while 12 percent was new construction sales.

Pricing: The Montgomery-area median sales price in September was $148,000, up 9.6 percent from last September ($135,000). The median sales price decreased 0.7 percent from the prior month. Historical data (2011-2015) indicate the September median sales price typically decreases from August by 0.4 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.

Industry perspective: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Montgomery September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

The Montgomery Area Residential Monthly Report is developed in conjunction with the Montgomery Association of Realtors to better serve River Region consumers.