Midtown Montgomery Real Estate Market Report for March 2014
The spring buying season looks promising according to BankRate.com. As the weather warms and flowers bloom homes remain affordable and inventories are low, making it a good time to buy.
Here are 5 housing trends you can expect to see this spring:
1. Adjustable rate mortgages are gaining favor.
As rates tick upward, there is a tremendous savings opportunity with an ARM.
2. Homeowners are cashing out with home equity lines.
May homeowners have regained the equity lost in the recession and are taking advantage of new found value in their homes.
3. Mortgage rates will rise...a little!
Mortgage rates will most likely inch up this spring but are not expected to skyrocket. Experts are expecting rates to go higher than 5%.
4. Home prices will increase.
An increase in prices is mostly due to low inventory. Prices are expected to steadily climb through the end of the year.
5. 'Permanent' HAMP rates are expiring.
Homeowners who refinanced with the Home Affordable Modification Program will start to see their rates increase. The 'permanent' rate expires after 5 years.
Interested in buying this spring? Let us help you find the best home and the best financing for you and your family! Contact us today!
Take a look at sales figures in our local real estate market for March 2014.
Midtown Montgomery real estate sales statistics for March 2014, show the number of homes sold increased by 30% when compared to March 2013. The average sales price increased by 28% to $ 130,647 for the month. The median sales prices increased by 27%, and market times increased by 131 days from March 2013. The highest selling home price decreased by 17%, and the lowest selling home price decreased by 47% from March 2013.
| Midtown Montgomery | March 2014 | March 2013 |
| Homes Sold | 23 | 33 |
| Average Selling Price | $ 130,647 | $ 129,500 |
| Median Selling Price | $ 129,500 | $ 94,000 |
| Days On The Market | 255 | 124 |
| Highest Selling Price | $ 237,500 | $ 286,900 |
| Lowest Selling Price | $ 8,025 | $ 15,000 |
For the latest Midtown Montgomery 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.
