Sales: According to the Montgomery Area Association of Realtors, December home sales in the area decreased 33.8% year-over-year (Y/Y) from 548 to 363 closed transactions. Sales decreased 0.6% from November. Sales were down 14.8% overall in 2022. Two more resources to review: Quarterly Report and Annual Report.

For all Montgomery-area housing data, click here.

Inventory: Homes listed for sale increased 52.8% year-over-year from 582 to 889 listings. Months of supply increased from 1.1 in December 2021 to 2.4 in December 2022, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in December was $224,000, an increase of 6.7% from one year ago and 14.3% from November. 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 December averaged 61 days on the market, seven days longer than in December 2021.

Forecast: December sales were 146 units, or 28.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 509 sales for the month, while actual sales were 363 units. ACRE forecast a total of 6,506 residential sales in 2022, while there were 5,660 actual sales through December, a difference of 13%.

New construction: The 68 new homes sold represent 18.7% of all residential sales in the area in December. Total sales decreased 22.7% year-over-year. The median sales price in December was $391,520, an increase of 10.8% from one year ago and 1.3% from November. New homes sold in an average of 67 days, the same as in December 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.