A continuation of Midtown Montgomery's soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®. 
 
Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.
 
This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let’s take a look at the sales statistics for midtown Montgomery in January 2008 to see how the year started off: 
  
The Midtown Montgomery market experienced a considerable slowdown in activity this January, when compared with January 2007.  Pending sales were down 27% and sold listings decreased by 36%.  Homes were on the market for an average of 24 more days than they were last January.  Interestingly, however, the average sales price shot up 40% this January to $226,345!

Midtown
Montgomery
Pending
Listings
Sold
Listings
Average
Market Times
Average
Sales Price
January 2008
45
28
107
$226,345
January 2007
62
44
83
$135,691

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.
Now is still a great time to consider buying a Montgomery AL home. To begin searching Montgomery AL real estate, please use my complimentary MLS search or, for more personalized service, call me at 800-HAT-LADY.
 
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed