Real Estate Information Archive

Blog

Displaying blog entries 1-6 of 6

Montgomery AL Real Estate Trends - Continued

Tuesday, July 22, 2008
by The Hat Team

When I put together the stats that I shared earlier this week about Montgomery, Alabama, sales for the month of June, I should have remembered that old and true expression, “The devil is in the details.”  Now here’s the rest of the story:

Yes, sales in our area are off substantially from June 2007—431 total sales in the Tri-County area this year vs 554 the same month last year.  And, on the surface it seems that prices are plunging:  $162,416 average sale price June 2008 vs $175,541 the year prior.   What this does NOT, however, take into account is the enormous impact of REO’s being sold in our marketplace.

In June 2008, 16% of the closed sales--68 of the total 431—were REO’s, with an average sale price of $61,125.  Non-REO sales totaled 363 at an average $181,391 sale price.  That’s only $2,404 or slightly more than 1% below the June 2007 average of $183,795. 

Clearly. REO’s are a real drag on the current market.  And of the 3314 properties for today in the Tri-County area, 301 are under right of redemption.  The average list price of those 301 properties is $97,957 and the media is $68,900.  So for months to come we may continue to see a wide gap in “average sale price” between 2008 and 2007.  This will no doubt continue until the inventory of REO’s declines substantially.

For investors, this is great news:  we have 301 “motivated sellers” who need to move properties.  The range of values runs from a low of $2,900 to a high of $699,900—something for everybody!

If you are ready to begin investing in Montgomery AL real estate, please call me at 800-HAT-LADY, or visit HomesForSaleInMontgomeryAlabama.com. 

Add Comment

Montgomery AL Real Estate Market Trends

Thursday, May 15, 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 real estate market continued to slow considerably in April 2008, when compared against April 2007.  Pending sales declined 43% while sold listings were down 37%.  Homes were on the market an average of 34 days longer than last year, and the average sales price decreased 30% to $111,999.

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

April 2008

43

38

109

$111,999

April 2007

75

60

75

$159,262

Once again, it's important to realize that Midtown homes--unlike those in newer subdivisions--are pretty much one-of-a-kind. Therefore, the average sale price for any single period will reflect what age, size and renovation quality homes have sold during that short time. For a truer picture of what's going on with homes like yours, give us a call or send us an email.

This summer is the perfect time to invest in Montgomery AL real estate.  For more information, 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. 
Add Comment

Montgomery AL Real Estate Market Trends

Thursday, March 20, 2008
by The Hat Team

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
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

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. 
Add Comment

Montgomery AL Real Estate Update

Thursday, March 6, 2008
by The Hat Team

Attention, potential homebuyers!  CNN.com is reporting that now is the best time since 2004 to make the move and buy a home. 

 

This article shows the nationwide research and statistics which prove that, overall, prices are dropping as interest rates remain low. 

 

Check out my monthly newsletter for the latest pricing and sales statistics for Montgomery AL real estate.  For more detailed information about the Montgomery area or Montgomery AL market trends, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.  You may also sign up to receive automated emails of new listings that match your criteria here!

Add Comment

Montgomery AL Real Estate Market Trends Update

Thursday, January 17, 2008
by The Hat Team

In this month’s edition of the Market Trends Report, we will re-cap the market activity from 2007 and take a look at the real estate forecast for 2008.

 

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier in the year, according to the National Association of Realtors®.

 

Total existing-home sales nation-wide rose .4% in November 2007, when compared with October 2007, but were still down about 20% from the same time in 2006.

 

Looking ahead to 2008, Lawrence Yun (Senior NAR Economist) predicts “near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing.”  In further good news, he noted “mortgage interest rates are near historic lows, and the most current data shows decelerating price declines along with a modest reduction in the number of homes on the market.”

 

Yun reminds us, however, that “just like the weather, there are large local variations in home prices” and sales.  Let’s take a look at the yearly totals for Montgomery AL in 2007 to see what the market looked like when compared with 2006:

  

The Midtown Montgomery market remained remarkably stable from 2006 to 2007, when compared with the national statistics.  The number of pending and sold listings both decreased slightly in 2007 - by 8% and 7%, respectively.  Market times increased, but only by 6 days, and the average sales price remained almost exactly the same at $151,216.

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

2007

622

517

96

$151,216

2006

678

558

90

$151,785

If you are planning to buy or sell a home in 2008, or if you want to learn more about Montgomery AL real estate, please contact me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.  To begin searching for Montgomery AL homes, please use my complimentary MLS search.  Best wishes for a very happy and prosperous new year!

 

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

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. 

Add Comment

Displaying blog entries 1-6 of 6

Syndication

Categories

Archives

   cdpe    crsHat Lady on Zillow