Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales.  “Conforming loans are abundantly available at historically favorable mortgage rates.  Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Let’s take a look at the September sales statistics for midtown Montgomery to get a better idea of what the future may hold:

As in August, the number of pending sales dropped 39% in September 2007 compared to September 2006.  Likewise, the number of homes sold dropped 27%.  This lull in sales resulted in increased market times - 103 days this September compared to 91 days last September - a 12% increase. 

On a positive note for sellers, the average sales price continued to increase - from $134,907 in September 2006 to $156,726 this September - a 14% increase. 
As the mortgage market begins to improve, it is likely that we will begin to see an improvement in market activity in midtown Montgomery. 

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

September 2007

35

32

103

$156,726

September 2006

57

44

91

$134,907

 On a personal note, wish you all could have been here Saturday for the first ever Cloverdale Streetfest.  As the photo indicates, the crowd was huge and a grand time was had by all.  My team hosted a fortune teller with all donated proceeds going to the Montgomery Humane Society.  Many clients and friends stopped by to express their gratitude for the event--free to all attendees--and to suggest that it become an annual affair!

Of course, the real estate market in midtown Montgomery is always changing from month to month and neighborhood to neighborhood.  To learn more about the current Montgomery AL real estate market, please call me at 800-HAT-LADY or visit HatTeam.com. Also visit EmailMontgomeryAlabamaHomes.com to receive automated emails of new listings that meet your criteria! 

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