Midtown Montgomery Real Estate Market Trends - November 2012
Hurricane Sandy’s immediate impact on real estate in the hardest hit Northeastern neighborhoods has become painfully evident, from New Jersey shore houses completely swept away by the sea to entire neighborhoods like Queens’ Breezy Point tragically leveled to the ground. But this latest natural disaster won’t just affect certain ZIP codes, it will weigh on America’s housing market as a whole, according to Forbes.com.
In many parts of the country a housing recover has begun. Nationally, home sales have been notably higher this year as compared to last. In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors. Prices have risen too, with the national median sales price $183,900, or about 11% higher than September of 2011. Inventory has fallen drastically in many parts of the country, fueling the uptick in prices. The rising numbers have helped housing become a bright spot in recent economic reports, with analysts projecting that residential investment will positively contribute to gross domestic product this year for the first time since 2005.
Now, that rosy recovery is sure to dampen. “This will certainly create a negative in the short term,” says Lawrence Yun, chief economist of the National Association of Realtors. “The bottom line is we clearly anticipate a slowdown, but it will be temporary.”
Take a look at sales figures in our local real estate market for October.
Midtown Montgomery real estate sales statistics for October show the number of homes sold decreased by 25% when compared to October 2011. The average sales price decreased by 17% to $95,103 during the same period. The median sales prices increased by 19%, and market times increased by 18% or 22 days. The highest selling home price decreased by 47%, and the lowest selling home price increased by 36%.
| Midtown Montgomery | Oct 2012 | Oct 2011 |
| Homes Sold | 18 | 24 |
| Average Selling Price | $ 95,103 | $ 114,128 |
| Median Selling Price | $ 90,500 | $ 73,250 |
| Days On The Market | 124 | 102 |
| Highest Selling Price | $ 250,000 | $ 476,000 |
| Lowest Selling Price | $ 20,700 | $13,200 |
Search all Montgomery AL Real Estate And Homes For Sale.
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Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
