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Montgomery AL Real Estate Market Trends Update

Thursday, December 20, 2007

by The Hat Team

The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas. The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local. “Some metro areas are hot, while others are experiencing localized problems,” he said.

The November sales statistics for Midtown Montgomery will give us a better idea of our local market:

The Midtown Montgomery market again saw a decrease in pending and sold listings in November 2007, when compared against November 2006. Pending sales were down 19% and sold listings decreased 14%. Average market times increased 8% in November to 89 days. The increase in the average sales price from last November to this November was negligible.

Midtown Montgomery	Pending Listings	Sold Listings	Average Market Times	Average Sales Price
November 2007	39	30	89	$143,108
November 2006	48	35	82	$142,736

Remember, as Yun said, all real estate is local and changes from month to month. Also remember that, unlike newer areas where all the homes are pretty much alike, Midtown contains Montgomery's most diverse selection of residences. Thus, not all swings in value and sales are attributed to "market conditions." Rather, those fluctuations often reflect periods when homes that are more renovated and/or larger have or have not changed hands. Overall, we continue to hear from our Realtor peers in other parts of town that they are struggling; and we remain busy and productive!

To get the latest information on Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com. To receive a complimentary home value analysis, please visit MontgomeryHomeInfo.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Montgomery AL Real Estate Update

Thursday, November 15, 2007

by The Hat Team

Temporary problems in the mortgage market are expected to free some pent-up demand, but disrupted existing-home sales and distorted prices on sales closed in September, according to the National Association of Realtors®. Even so, prices continued to rise in some area. Because of this and other factors, total existing home sales fell 8% and are 19% below the level that they were in September 2006.

Lawrence Yun, NAR senior economist, said the decline is understandable. “Mortgage problems were peaking back in August when many of the September closings were being negotiated . . . the good news is that mortgage availability has markedly improved in recent weeks . . .”

Let’s take a look at the midtown Montgomery October sales statistics to see if this trend held true:

Midtown Montgomery saw a decrease in pending and sold listings this October, when compared with October 2006 - they dropped 24% and 27%, respectively. The average market times were up only by 9 days, or 11% while the average sales price continued to climb 7%, bringing it to $152,049 for the month of October.

Midtown Montgomery	Pending Listings	Sold Listings	Average Market Times	Average Sales Price
October 2007	32	30	85	$152,049
October 2006	42	42	76	$141,559

This is a great time to consider buying a home in Montgomery. For more information about Montgomery AL real estate, please visit HomesForSaleInMontgomeryAlabama.com or call me at 800-HAT-LADY. To begin searching for Montgomery AL homes, please use my complimentary MLS search.

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Montgomery AL Market Trends Report

Thursday, October 25, 2007

by The Hat Team

Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Let’s take a look at the September sales statistics for midtown Montgomery to get a better idea of what the future may hold:

As in August, the number of pending sales dropped 39% in September 2007 compared to September 2006. Likewise, the number of homes sold dropped 27%. This lull in sales resulted in increased market times - 103 days this September compared to 91 days last September - a 12% increase.

On a positive note for sellers, the average sales price continued to increase - from $134,907 in September 2006 to $156,726 this September - a 14% increase.

As the mortgage market begins to improve, it is likely that we will begin to see an improvement in market activity in midtown Montgomery.

Midtown Montgomery	Pending Listings	Sold Listings	Average Market Times	Average Sales Price
September 2007	35	32	103	$156,726
September 2006	57	44	91	$134,907

On a personal note, wish you all could have been here Saturday for the first ever Cloverdale Streetfest. As the photo indicates, the crowd was huge and a grand time was had by all. My team hosted a fortune teller with all donated proceeds going to the Montgomery Humane Society. Many clients and friends stopped by to express their gratitude for the event--free to all attendees--and to suggest that it become an annual affair!

Of course, the real estate market in midtown Montgomery is always changing from month to month and neighborhood to neighborhood. To learn more about the current Montgomery AL real estate market, please call me at 800-HAT-LADY or visit HatTeam.com. Also visit EmailMontgomeryAlabamaHomes.com to receive automated emails of new listings that meet your criteria!

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.