Montgomery AL Real Estate Sales Expected To Rise
Thursday, June 26, 2008
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.
Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
Let’s take a look at the May sales statistics to see how things are looking in the Montgomery AL real estate market:
Midtown Montgomery saw a 48% decrease in pending sales this May, when compared against May 2007. Likewise, sold listings were down 34%. While the average sales price dropped 4% to $142,820, homes were on the market for an average of 29 fewer days than in 2007.
|
Midtown
Montgomery |
Pending
Sales |
Sold
Listings |
Average
Market Times |
Average
Sales Price |
|
May 2008
|
38
|
37
|
104
|
$142,820
|
|
May 2007
|
72
|
56
|
133
|
$149,412
|
As these statistics and national trends show, this is a great time to consider buying Montgomery AL real estate.
To learn more about the current Montgomery AL real estate market, please call me at 800-HAT-TEAM or visit HomesForSaleInMontgomeryAlabama.com.
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