Sales: According to the Montgomery Area Association of Realtors, November home sales in the area decreased 25.2% year-over-year from 488 to 365 closed transactions. Sales decreased 9.4% from October and are now down 13.1% 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 increased 59.2% year-over-year from 628 to 1,000 listings. Months of supply increased from 1.3 in November 2021 to 2.7 in November 2022, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in November was $196,000, an increase of 1.1% from one year ago and a decrease of 12.9% from October. 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 November averaged 60 days on the market, four days longer than in November 2021.

Forecast: November sales were 131 units, or 26.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 496 sales for the month, while actual sales were 365 units. ACRE forecast a total of 5,997 residential sales year-to-date, while there were 5,297 actual sales through November, a difference of 11.7%.

New construction: The 66 new homes sold represent 18.1% of all residential sales in the area in November. Total sales increased 20% year-over-year. The median sales price in November was $386,334, an increase of 19.7% from one year ago and 9.7% from October. New homes sold in an average of 57 days, four days longer than in November 2021.

Click here to view the entire monthly report.

The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.