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Montgomery AL Real Estate Sales Statistics - June 2009

Friday, July 24, 2009
by The Hat Team
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

Let’s take a look at the June sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for June show pending sales decreased by 35% in 2009 compared to June 2008. The average sales price decreased by 2% to $135,350 while sold listings were up 8% from 2008.  Market times showed a increase of 10 days or 10% from 2008.

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

June 2009

34

38

99

$135,350

June 2008

52

35

89

$138,532

 

Remember, the clock is ticking onn the $8000 first-time home buyer tax credit. give us a call to make your dream hyome a reality!

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit

HomesForSaleInMontgomeryAlabama.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 Sales Statistics - May 2009

Friday, June 19, 2009
by The Hat Team
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Let’s take a look at the May sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for May show pending sales increased by 2% in 2009 compared to May 2008. The average sales price decreased by 25% to $112,384 while sold listings were down 13% from 2008.  Market times showed a increase of 1 day or 1% from 2008.

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

May 2009

42

33

87

$112,384

May 2008

41

38

86

$150,966

 

The decline in Midtown's average sales price reflects the continued absorption of many inexpensive foreclosure properties.  Investors in our market have decided now is the time to buy, and they are grabbing up the low-priced houses and rehabbing them for resale.

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit

HomesForSaleInMontgomeryAlabama.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 Sales Statistics - April 2009

Thursday, May 21, 2009
by The Hat Team

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®

 

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
 
Let’s take a look at the March sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for April show pending sales increased by 12% in 2009 compared to April 2008, the average sales price increased by 1% to $124,291 while sold listings were up 6% from 2008.  Market times showed a decrease of 2 days or 2% from 2008.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Apr 2009

59

34

94

$124,291

Apr 2008

52

32

96

$122,842

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

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

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Montgomery Real Estate Sales Statistics - March 2009

Thursday, April 30, 2009
by The Hat Team

The Federal Housing Administration is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market. This is the message that the National Association of Realtors® delivered to the Senate Appropriations Subcommittee today.

“Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight,” said Lennox Scott, a member of NAR’s Real Estate Advisory Board and CEO of John L. Scott Real Estate in Bellevue, Washington. In his testimony, Scott shared NAR’s belief in the importance of FHA and concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.

“We believe that FHA has done a good job stepping up to today’s market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff,” Scott said. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent.

Of the 325 homes sold in the Montgomery MLS during March, 101 were FHA-financed.  And FHA was the loan of choice in 40% of the total non-cash sales.  With the Alabama Housing Finance Authority's First Step and Step-Up programs becoming increasingly popular, we anticipate that percentage will continue to grow.
 
Let’s take a look at the March sales statistics to see how the Montgomery AL real estate market looks:

Montgomery AL real estate sales statistics for March show pending sales increase by 14% in 2009 compared to March 2008, the average sales price decreased by 9% to $129,037 while sold listings were down 43% from 2008.  Market times showed an increase of 19 days or 20% from 2008.

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

 Mar 2009

57

30

95

$129,037

Mar 2008

49

53

76

$141,542

In reviewing the stats above, it is important to remember that foreclosures in the less affluent areas of Midtown have contributed significantly to the decilne in average selling price.  When the 7 foreclosures sold in March are removed from the totals, the actual average sale price increases to $135,312. 

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

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

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Montgomery Real Estate Sales Statistics - February 2009

Thursday, March 19, 2009
by The Hat Team
Pending homes sales continued their decline as potential buyers waited for clarity on the housing stimulus bill and the weakening economy according to the National Association of Realtors®.
 
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.
 
Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
 
Let’s take a look at the Midtown Montgomery real estate sales statistics for February to see how the market looks:

Montgomery AL real estate sales statistics for February show pending sales decreased by 36% in 2009 compared to February 2008, the average sales price increased by 31% to $190,729 while sold listings were down 4% from 2008.  Market times showed an increase of 2 days or 2% from 2008.

While February pending sales this year were down 36% compared to 2008, the average sale price of closed sales in the same month was up 31% to $190,729.  This is a clear indicator that last year's statistics were heavily affected by foreclosure sale activity in Montgomerys' least expensive market areas.  Unit sales held steady with only a decrease of one homesale February 2009 vs 2008. 
 
Active inventory continues to decline, with the number of homes on the market for sale down over 10% in February 2009 vs 2008.  Declining inventories are one of the earliest signs of a market recovery.  And we expect a big spike in first-time buyer sales this spring as Montgomerians realize they can acquire a home with very little cash outlay and get back as much as $8,000-10,000 at tax time.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

 Feb 2009

34

21

110

$190,729

Feb 2008

53

22

108

$131,682

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

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

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Montgomery Real Estate Sales Statistics - January 2009

Thursday, February 19, 2009
by The Hat Team
The following is a statement by National Association of Realtors® President Charles McMillan:
 
"An economic recovery is not possible without a housing recovery, and the stimulus legislation being signed today by President Obama contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation.  In addition, the credit availability has been extended until December 1. 
 
“These important provisions will help bring first-time home buyers to the market and reduce housing inventory,” said McMillan. NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from being “underwater” on their mortgage, which can often lead to foreclosure.
 
The bill also reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac. “These higher loan limits are important to make mortgages affordable regardless of where you live. This will also help reduce inventory and improve liquidity in the overall mortgage market,” McMillan said.  
 
Let’s take a look at the January sales statistics to see how the Montgomery real estate market looks:
 
Montgomery real estate sales statistics for January show pending sales decreased by 33% in 2009 compared to January 2008.  The average sales price dropped 75% to $57,026 while sold listings were down 18% from 2008.  Market times showed a decrease by 35 days or 33% from 2008.
 
Note that 16 of the January 2009 closed sales were foreclosures.  With these distress sales extracted from the data, the average price was $132,269 and the average market time 116 days.  Clearly, Montgomery is being badly battered by foreclosures and the consequential deleterious effect on values.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
 Jan 2009
30
23
72
$57,026
Jan 2008
45
28
107
$226,345

For the latest Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
 
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
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2008 Montgomery Real Estate Sales Statistics

Tuesday, January 27, 2009
by The Hat Team
After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.”

Let’s take a look at the sales statistics for 2008 to see how the Montgomery AL real estate market looks:

Montgomery real estate saw pending sales decrease by 18% in 2008 compared to 2007.  The average sales price dropped 4% to $143,536 while sold listings were down 27% from 2007.  Market times showed a decrease by 4 days over 2007.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
 2008
553
405
89
$143,536
2007
678
556
93
$150,089

The good news is that buyer activity has increased substantially the fist two weeks in January.  This will result in stronger sales and, hopefully, indicate a turnaround.

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

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

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Montgomery Real Estate Sales Statistics - November 2008

Tuesday, January 27, 2009
by The Hat Team
Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®. 
 
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.

Lawrence Yun, NAR chief economist, said a review of the past year is instructive. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”

Let’s take a look at the sales statistics for November 2008 to see how the Montgomery AL real estate market looks:

This Novmember, Montgomery AL saw market times decrease by 16 days, when compared to November 2007.  Pending sales have decreased 11% in November 2008 from November 2008.  The average sales price dropped 22% to $115,405 while sold listings were down 30% from November 2007. 

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
November 2008
40
21
71
$115,405
November 2007
45
30
87
$148,420

Once again it is important to note the impact of foreclosure resales on overall statistics. As of today, 50% of the pending sales in Midtown are foreclosures that average $43,261. When the value of these sales is deducted from the overall pending sales data, the average sales price of the other pending sales is $174,432---a marked increase over 2007! Clearly, foreclosures continue to dilute sales price averages but non-foreclosure sales continue to gain ground.

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.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 Sales Statistics: October 2008

Friday, November 21, 2008
by The Hat Team
The National Association of Realtors® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.

“Our members see firsthand the impact that an unstable housing market is having on communities all across this great country,” said Richard F. Gaylord, NAR president. “The U.S. Treasury and Congress need to work together to ensure that the American people – not Wall Street and large banks – benefit from the economic recovery plan.”
NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency’s efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance.
Let’s take a look at the sales statistics for October 2008 to see how the Montgomery AL real estate market looks:
Of the 37 Midtown Montgomery properties sold in October, 6 were foreclosures at an average price of $60,475.  Deducting these distress sales from the October stats, we see an average sale price of $144,464—still way below a year ago and a direct result of buyer reaction to the unstable market cited by Gaylord.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
October 2008
37
31
115
$130,844
October 2007
35
37
88
$177,901

The Hat Team is seeing a real rush of interest among investors, who seem to sense we are at or near the bottom of the market.  And is ALWAYS the practice among investors, they don’t “buy at retail” but invest only in the best deals on the market.  When those are gone, we will see prices return quickly to normal. 
 
For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
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Montgomery AL Real Estate Sales Statistics - September 2008

Thursday, October 23, 2008
by The Hat Team

Montgomery AL Real Estate Sales Statistics - September 2008

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

Let’s take a look at the sales statistics for September 2008 to see how the Montgomery AL real estate market looks:

In Midtown Montgomery, pending sales increased 28% in September 2008, compared against September 2007.  Likewise, the number of sold listings increased by 27%.  The average sales price increased 19% to $123,834, and homes remained on the market for an average of 4 days longer this September.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
September 2008
50
37
84
$147,114
September 2007
39
29
80
$123,834

Again, as Lawrence Yun said and as these statistics show, people are taking advantage of improved affordability.  

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.  
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