Montgomery Residential Report February 2018 Monthly Indicators Recent Figures Trends Total Home Sales Current Month February 2018 274 vs. Prior Month January 2018 239 14.6% vs. Last Year February 2017 257 6.6% vs. 5-Yr Avg February 13-'17 274-0.1% Montgomery sales for February '18 totaled 274 units, representing a increase of 17 transactions when compared to 257 units that were sold in February '17. 340 Montgomery: Total Residential Sales 338 274 By Product Type (% of Total Sales) Existing SF: 238 (87%) 228 (89%) Condo: 1 (.4%) 0 (0%) New Const. 35 (12.6%) 29 (11%) *Residential = existing single family, condo, & new construction vs. Peak February 8 340-19.4% vs. Trough February 2011 167 64.1% Year to Date February 2018 513 vs. Prior Year February 2017 564-9.0% 167 ACRE Commentary Historical data indicates that February sales on average ( 13-17) increases from the month of January by 8.7 percent. February 2018 sales increased by 14.6 percent from the prior month." Historical Home Sales February 2017 257 Graph: February 8-2018 February 2016 338 (By month) February 2015 269 February 2014 255 February 2013 253 5- Year Avg: 274 3- Year Avg: 288 Median Sales Price Current Month February 2018 137,650 The median sales price in Montgomery vs. Prior Month January 2018 144,900-5.0% for February 2018 was $137,650, a 7.5 vs. Last Year February 2017 128,000 7.5% percent increase from February's vs. 5-Yr Avg February 13-'17 128,910 6.8% 2017's median sales price of $128,000. By Product Type (Y-O-Y Comparison) Existing SF: $12 $116, Condo: $15 N/A New Const: $226,409 $217,913 Year to Date February 2018 141,275 vs. Prior Year February 2017 138, 2.2% Median Peak February 2014 139,000-1.0% Trough February 2012 116,500 18.2% Montgomery: Median Sales Price 145,000 139,000 134,175 135,000 125,000 115,000 110,000 116,500 137,650 ACRE Commentary Historical Median Selling Price Graph: February 8-2018 Historical data indicates that February median sales prices on (By month) February 2017 128,000 average ( 13-17) increased by 1.9 percent from the month of February 2016 125,950 January. The current median price decreased by 5.0 percent from the prior month." February 2015 126,600 February 2014 139,000 February 2013 125,000 5- Year Avg: 128,910 3- Year Avg: 126,850 Page 1 of 5
Monthly Indicators Recent Figures Trends Average Sales Prices Current Month February 2018 153,128 The average sales price in Montgomery vs. Prior Month January 2018 159,191-3.8% for February 2018 was $153,128, a 1.5 vs. Last Year February 2017 155,450-1.5% percent decrease from February's vs. 5-Yr Avg February 13-'17 146,061 4.8% 2017 s average sales price of $155,450. By Product Type (Y-O-Y Comparison) Existing SF: $137,483 $144,620 Condo: $15 N/A New Const: $226,409 $240,596 Year to Date February 2018 156,160 vs. Prior Year February 2017 158,284-1.3% Average Peak February 2017 155,450-1.5% Trough February 2012 131,512 16.4% Montgomery: Average Sales Price 170,000 160,000 155,450,618,000 147,072 131,512 ACRE Commentary Historical data indicates that February average sales prices on Historical Average Selling Price Graph: February 8-2018 (By month) average ( 13-17) increased by 3.2 percent from the month of February 2017 155,450 January. The February 2018 average price decreased by 3.8 percent February 2016 149,269 from the prior month." February 2015 145,011 February 2014 147,072 February 2013 133,504 5-Year Avg: 146,061 3- Year Avg: 149,910 Days on Market (DOM) Current Month February 2018 118 vs. Prior Month January 2018 113 4.4% vs. Last Year February 2017 110 7.3% vs. 5-Yr Avg February 13-'17 127-7.4% The average number of days on the market in February 2018 was 118, representing an increase of 7.3 percent from 110 days on market in February 2017. By Product Type (DOM Comparison) Existing SF: 118 113 Condo: 10 0 New Const: 114 82 Year to Date February 2018 118 vs. Prior Year February 2017 110 7.3% 140 130 120 110 90 80 Montgomery: Average Days on Market 142 123 118 110 97 ACRE Commentary Historical Average DOM Graph: February 8-2018 The 5-year DOM average ( 13-17) for the month of February is 127 days, which is 9 days above the current results. DOM is anticipated to remain within the current range (75-125 days) for the foreseeable future. February 2017 110 (By month) February 2016 142 February 2015 131 February 2014 137 February 2013 117 5-Year Avg: 127 Page 2 of 5
Monthly Indicators Recent Figures Trends Total Homes Listed for Sale Current Month February 2018 1,966 vs. Prior Month January 2018 1,955 0.6% vs. Last Year February 2017 2,201-10.7% vs. 5-Yr Avg February 13-'17 2,566-23.4% Montgomery residential units available for sale in February 2018 decreased by 235 units, when compared to the same period last year. By Product Type (Inv, Comparison) Existing SF: 1,787 2,006 Condo: 10 15 New Const.: 169 180 Inventory Peak February 8 3,391-42.0% Trough February 2018 1,966 0.0% 3,800 3,600 3,400 3, 3,000 2,800 2,600 2,400 2, 1,800 Montgomery: Total Homes Listed 3,391 2,651 1,966 ACRE Commentary Historical Total Homes Listed Graph: February 8-2018 Historical data indicates that February inventory on average ( 13-17) increases by 1.5 percent from the month of January. February's inventory increased by 0.6 percent from last month's total of 1,955 homes." February 2017 2,201 (By month) February 2016 2,496 February 2015 2,729 February 2014 2,751 February 2013 2,651 3-Year Avg: 2,475 5-Year Avg: 2,566 Montgomery: Months of Supply Inventory-to-Sales Ratio The inventory for sale divided by the current monthly sales volume equals the # of months of supply (Market considered to be in balance at approximately 6 months). Montgomery currently has 7.2 months of supply, down from 8.2 during January 2018 and down from 8.6 months in February 2017. Current Month February 2018 7.2 vs. Prior Month January 2018 8.2-12.3% vs. Last Year February 2017 8.6-16.2% vs. 5-Yr Avg February 13-'17 9.5-24.2% I/S Ratio Peak February 2011 18.3-60.8% Trough February 2018 7.2-0.3% 24.0 19.0 14.0 9.0 4.0 10.0 18.3 10.5 7.2 ACRE Commentary Historical I/S Ratio Graph: February 8-2018 "February's 2.2 months of supply is well below the 5-Year Average of 9.5 months. Montgomery's inventory-to-sales ratio is 1.2 months above equilibrium, indicating a continued transition where buyers typically have elevated bargaining power." February 2017 8.6 (By month) February 2016 7.4 February 2015 10.1 February 2014 10.8 February 2013 10.5 5-Year Avg: 9.5 3- Year Avg: 8.7 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - www.acre.cba.ua.edu. Page 3 of 5
Monthly Residential Sales and Inventory 500 2,400 450 400 2, 2, Sales 2, 1,900 Inventory Montgomery Sales Montgomery Inventory 1,800 Historical Home Sales in January of Each Year 4,000 3,500 Sales 3,000 2,500 Inventory Montgomery Sales Montgomery Inventory 1,500 Page 4 of 5
Average Days on the Market and Median Sales Price 145 145,000 Average Days on Market 135 125 115 105 95 135,000 125,000 115,000 Median Sales Price 85 Montgomery DOM Montgomery Median Sales Price 110,000 This report is compiled and brought to you by ACRE Research. You should not treat any information expressed in ACRE Reports as a specific inducement to make a particular investment or follow a particular strategy. The Alabama Center for Real Estate (ACRE) and/or its partners/work product sponsors does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. ACRE will not be liable for any loss or damage caused by your reliance on information contained in ACRE Reports. Page 5 of 5