Sales: According to the Montgomery Area Association of Realtors Multiple Listing Service, Montgomery-area home sales totaled 411 units during September, up 12.6% from 365 sales in the same month a year earlier. September sales were down 17.6% compared to 499 sales in August. Results were 10.5% above the five-year September average of 372 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Montgomery-area housing data, click here.

Inventory: Homes listed for sale in the Montgomery area during September totaled 1,830 units, a decrease of 10% from September 2018’s 2,033 units and a decrease of 2.1% from August 2019’s 1,869 units. September months of supply totaled 4.5 months, a decrease of 20.1% from September 2018’s 5.6 months of supply. September months of supply increased 18.9% from August’s 2019’s 3.7 months.

Pricing: The Montgomery-area median sales price in September was $164,900, an increase of 3.8% from one year ago and a decrease of 0.1% from the prior month. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in September spent an average of 90 days on the market (DOM), down 11.8% from last year and down 1.1% from the prior month.

Forecast: September sales were 28 units, or 7.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 383 sales for the month, while actual sales were 411 units. ACRE forecast a total of 3,622 residential sales in the Montgomery area year-to-date, while there were 3,839 actual sales through September.

ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.

NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

Click here to view the entire monthly report.

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