Montgomery AL Real Estate Market Trends
The volume of Montgomery AL real estate sales of existing homes is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors.
Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”
Let’s take a look at the real estate sales statistics for February 2008 to see how the market is looking in Midtown Montgomery:
The Midtown Montgomery market continued to see a bit of a slowdown in February 2008 when compared against February 2007. The number of pending sales increased by 6%, while the number of sold listings was 22% lower than in February of 2007. Homes were on the market for an average of 13 more days than last year, and the average sales price went down 19% to $134,032.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
February 2008 |
53 |
31 |
101 |
$134,032 |
|
February 2007 |
50 |
40 |
88 |
$165,071 |
Spring is a great time to consider buying or selling a home in Montgomery. If you would like to get more information about Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com. You may also sign up to receive automated emails of new listings at EmailMontgomeryAlabamaHomes.com!
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
