Montgomery AL Real Estate Market Trends Report
Modest near-term movement is expected in Montgomery AL real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.
Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”
Let’s take a look at the sales statistics for June 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 |
Pending |
Sold |
Average |
Average |
|
June 2008 |
38 |
37 |
104 |
$142,820 |
|
June 2007 |
72 |
56 |
133 |
$149,412 |
Again, as Yun said, real estate sales and prices vary from neighborhood to neighborhood, even within the same city. For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
