Montgomery AL Real Estate Market Trends Update
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 |
Pending |
Sold |
Average |
Average |
|
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.
