Montgomery AL Real Estate Sales Statistics - September 2008
Thursday, October 23, 2008
Montgomery AL Real Estate Sales Statistics - September 2008
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
Let’s take a look at the sales statistics for September 2008 to see how the Montgomery AL real estate market looks:
In Midtown Montgomery, pending sales increased 28% in September 2008, compared against September 2007. Likewise, the number of sold listings increased by 27%. The average sales price increased 19% to $123,834, and homes remained on the market for an average of 4 days longer this September.
|
Midtown
Montgomery |
Pending
Sales |
Sold
Listings |
Average
Market Times |
Average
Sales Price |
|
September 2008
|
50
|
37
|
84
|
$147,114
|
|
September 2007
|
39
|
29
|
80
|
$123,834
|
Again, as Lawrence Yun said and as these statistics show, people are taking advantage of improved affordability.
For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
