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Midtown Montgomery Real Estate Sales Statistics - August 2008

Thursday, September 25, 2008
by The Hat Team
Midtown Montgomery Real Estate Market Report
The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

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

In Midtown Montgomery, pending sales decreased 24% in August 2008, compared against August 2007.  Likewise, the number of sold listings dropped 22%.  The average sales price decreased 11% to $162,606, and homes remained on the market for an average of 14 days longer this August.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
August 2008
38
36
110
$162,606
August 2007
50
46
96
$183,598

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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Midtown Montgomery Real Estate Sales Statistics - July 2008

Thursday, August 28, 2008
by The Hat Team

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

In the second quarter, 35 out of 150 metropolitan statistical areas1 showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR’s track of metro area home prices dates back to 1979.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

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

In Midtown Montgomery, pending sales decreased 18% in June 2008, compared against June 2007.  Likewise, the number of sold listings dropped 21%.  The average sales price decreased 9% to $131,446, and homes remained on the market for an average of 7 fewer days this June.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
July 2008
38
37
104
$142,820
July 2007
72
56
133
$149,412

Again, as Gaylord said and as these statistics show, real estate prices are declining in some areas, even within the same city For the latest Midtown 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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Montgomery AL Real Estate Sales Expected To Rise

Thursday, June 26, 2008
by The Hat Team

A modest gain in the level of Montgomery AL real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.

 
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
 
Let’s take a look at the May sales statistics to see how things are looking in the Montgomery AL real estate market:
  
Midtown Montgomery saw a 48% decrease in pending sales this May, when compared against May 2007.  Likewise, sold listings were down 34%.  While the average sales price dropped 4% to $142,820, homes were on the market for an average of 29 fewer days than in 2007.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
May 2008
38
37
104
$142,820
May 2007
72
56
133
$149,412

As these statistics and national trends show, this is a great time to consider buying Montgomery AL real estate. 
To learn more about the current Montgomery AL real estate market, please call me at 800-HAT-TEAM or visit HomesForSaleInMontgomeryAlabama.com.
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Montgomery AL Real Estate Market Trends

Friday, April 18, 2008
by The Hat Team

Little change is expected in Montgomery AL real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors.

 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer.  “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said.  “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

 

Let’s take a look at the midtown Montgomery AL real estate market activity for this March to see how the spring is looking so far: 

  

The Midtown Montgomery market experienced a slowdown in activity this March, when compared with March 2007.  Pending sales were down by 43%, while sold listings decreased 15%.  Average market times decreased by 5 days and the average sales price decreased by 10% to $129,629

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

March 2008

41

97

97

$129,629

March 2007

72

54

102

$144,782

A decline both in the number of homes for sale and the length of time it's taking to sell them should indicate that we are at or near the bottom of our "small dip" in activity.

 

Now is a great time to buy or sell Montgomery AL real estate.  To get started looking at homes, please visit HomesForSaleInMontgomeryAlabama.com or search the MLS here.  For more personalized service, please call me at 800-HAT-LADY.


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