"As home sales moderate, overall home prices will be essentially flat this year," says David Lereah, chief economist for the National Association of Realtors. Tighter lending standards are expected to slow sales, but the good news is, inventory remains well below the levels seen in the real estate downturn of the early 1990's.

Our local market is not following this trend towards moderation, however. The number of single family homes in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between Exits 1 and 6) that sold in March increased by 3 homes or 6 percent.  At the same time, the number of pending listings decreased by only 1 home or less than 1 percent. 

Market times in March 2007 increased slightly with market times of 102 days vs. 99 days in March 2006.  The average sales price decreased $20,520 or 12 percent compared to March 2006. This decrease offsets the 17 percent increase in prices we saw in February. 

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

March 2007

70

53

102

$144,910

March 2006

71

50

99

$165,430

The fluctuation in prices may be the influence of an extremely high end property selling, therefore, skewing the numbers and not necessarily a trend downward. The 3 percent increase in sales should keep prices up

Are you thinking of selling your Montgomery home? You can have a current no-obligation price valuation emailed to you by visiting MontgomeryHomeInfo.com.

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