ACRE has reported that the Montgomery area residential sales were up in February. There was a 16.6% increase in residential sales in Montgomery, Alabama.
Existing single family home sales made up 86 percent of total sales (up 81% from February of 2012). Fourteen percent of the total sales were new home sales. The housing market is about 17.5% ahead of where it was last year. The Montgomery area housing inventory was down 3.6 % in February.
When the market is good, home prices tend to drop more. The Montgomery Area median selling price in February was $125,000, an increase of 5.7 percent from last February ($118,250). Moreover, the February median price improved by 9.9 percent when compared to the prior month. Historical data ('08-'12) indicates that the February median selling price traditionally increases from the month of January by 7.0 percent.
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