Economic Overview and Outlook for the Montgomery Metropolitan Area June 2014 | Page 6

Economic Overview and Outlook
for the Montgomery Metropolitan Area

TABLE 12: MEDIAN HOUSEHOLD INCOME BY METRO AREAS
Metro
Anniston-Oxford
Auburn-Opelika
Birmingham-Hoover
Decatur
Dothan
Florence-Muscle Shoals
Gadsden
Huntsville
Mobile
Montgomery
Tuscaloosa

2010
$49,532
$59,112
$59,532
$52,988
$48,288
$51,415
$44,706
$67,829
$49,900
$58,143
$55,548

TABLE 13: MONTGOMERY METROPOLITAN AREA HOUSING

2011
2012
2013
Estimated Estimated Estimated
$51,500
$52,200
$53,100
$60,600
$61,400
$63,000
$62,000
$62,800
$57,100
$55,200
$55,900
$55,200
$51,200
$51,900
$50,000
$53,000
$53,700
$51,000
$46,900
$47,600
$42,100
$70,800
$71,700
$71,500
$51,200
$51,900
$52,400
$59,300
$60,100
$61,500
$55,700
$56,500
$55,700

Year

Month

2013 Jan.
2013 Feb.
2013 March
2013 April
2013 May
2013 June
2013
July
2013 Aug.
2013 Sep.
2013 Oct.
2013 Nov.
2013 Dec.
2014 Jan.
2014 Feb.
2014 March

This increase in the median household income is not limited
to Montgomery. Huntsville has the highest median household
income, and its income consistently grew from 2010 to 2013.
Other areas showing consistent growth include Auburn,
Anniston-Oxford and Mobile.

Average
Average Median
Inventory Inventory/
Days on
Price
Price
for Sale
Sales
Market
126,594 113,700
124
2,628
12.1
133,504 125,000
117
2,651
10.5
146,290 133,000
115
2,730
8.9
133,569 121,000
115
2,815
8.9
152,064 133,900
114
2,942
8.4
171,164 159,000
115
2,965
9.3
153,006 141,400
114
3,004
8.8
160,103 145,000
108
2,978
8.2
155,438 130,000
112
2,983
11.3
151,857 144,500
124
2,924
10.1
142,363 119,750
117
2,823
10.4
153,420 135,000
128
2,690
10.1
140,541 119,500
132
2,686
12
147,072 139,000
137
2,751
10.8
143,541 131,000
157
2,901
9

Units
Sold
217
253
307
316
352
320
342
364
265
290
272
267
223
255
321

The Montgomery metropolitan building permits (shown in
Table-14) for single-unit private housing increased from 353
TABLE 14: BUILDING PERMITS

Housing Market

Montgomery

Figure-5 shows the annual sales of housing units in the
Montgomery metropolitan area. The housing market was
deeply affected by the 2009 recession. Home sales declined
significantly from as high as 6,173 units in 2005 to 2,774 units
in 2011. In 2012, as the recession began to subside, home sales

Year
2008
2009
2010
2011
2012
2013

Single
Unit
531
365
399
353
454
533

Multi
Units
8
30
521
176
346
110

Alabama
Total
539
395
920
529
800
643

Single
Unit
12,017
9,409
8,702
8,858
9,184
8,595

Multi
Units
5,447
3,857
2,559
2,809
4,322
2,359

Total
17,464
13,266
11,261
11,667
13,506
10,954

units in 2011 to 454 units in 2012 and to 533 units in 2013.
TABLE 15: MONTGOMERY HOUSING PRICE INDEX (HPI)
Year

Quarter

2010
1
2010
2
2010
3
2010
4
2011
1
2011
2
2011
3
2011
4
2012
1
2012
2
2012
3
2012
4
2013
1
2013
2
2013
3
2013
4
PEAK:2007 QTR 4
TROUGH:2012 QTR 2

increased to 3,112 units. Home sales increased further to 3,565
during 2013.
Table-13 shows the sales, inventory, average and median
selling prices of homes sold in Montgomery during 2013 and
2014. Sales and inventories during 2014 are higher than the
corresponding months in 2013.
Montgomery sales for March 2014 totaled 321 units (274
existing and 47 new), representing an increase of 14
transactions when compared to the 307 (260 existing and 47
new) units that were sold in March 2013. Both the average and
median prices of homes were higher in January and February
2014 when compared with the corresponding two months in
2013, but this upward trend stalled in March.
6

HPI

% from Peak

143.92
145.65
149.34
147.13
146.61
140.07
142.38
143.27
140.28
138.27
138.69
140.03
137.33
138.96
140.07
139.83
155.8
138.27

92%
93%
96%
94%
94%
90%
91%
92%
90%
89%
89%
90%
88%
89%
90%
90%
100%

% From
Trough
104%
105%
108%
106%
106%
101%
103%
104%
101%
100%
100%
101%
99%
100%
101%
101%
100%

The Q4-2013 Housing Price
Index for Montgomery metro
at 139.83 was very close to the
recesssion low of 138.27