The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

 

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said.

 

The November sales statistics for Midtown Montgomery will give us a better idea of our local market:

 

The Midtown Montgomery market again saw a decrease in pending and sold listings in November 2007, when compared against November 2006.  Pending sales were down 19% and sold listings decreased 14%.  Average market times increased 8% in November to 89 days.  The increase in the average sales price from last November to this November was negligible.

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

November 2007

39

30

89

$143,108

November 2006

48

35

82

$142,736

Remember, as Yun said, all real estate is local and changes from month to month.  Also remember that, unlike newer areas where all the homes are pretty much alike, Midtown contains Montgomery's most diverse selection of residences.  Thus, not all swings in value and sales are attributed to "market conditions."  Rather, those fluctuations often reflect periods when homes that are more renovated and/or larger have or have not changed hands.  Overall, we continue to hear from our Realtor peers in other parts of town that they are struggling; and we remain busy and productive!

To get the latest information on Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.  To receive a complimentary home value analysis, please visit MontgomeryHomeInfo.com. 

 

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