Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in pending sales may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to reduce inventory and stabilize home values.”

Let's look at March real estate sales to see how the Montgomery AL real estate market is faring.

Montgomery AL real estate sales statistics for March show pending sales have decreased by 11% in 2010 compared to March 2009. The average sales price increased by 14% to $149;265 while sold listings were up by 19% from 2009.  Market times were 68 days more than 2009.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Mar 2010

51

37

163

$149,265

Mar 2009

57

30

95

$129,037

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

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