Midtown Montgomery Real Estate Market Trends for Dec 2014

Midtown Montgomery Real Estate Market Trends for Dec 2014

2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15 years.  For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)  

Take a look at December’s real estate sales statistics.

December 2014 Midtown Montgomery Real Estate Market Update

Midtown Montgomery real estate sales statistics for December 2014, show the number of homes sold decreased by 17.24% when compared to December 2013. The average sales price increased by 58% to $136,785 for the month. The median sales prices decreased by 4.55% to $105,000, and market times decreased by 17 days.  The highest selling price decreased by 10.96%, and the lowest selling home price increased by 16.88% compared to $9,000 from December 2013.

Midtown Montgomery  December 2014  December 2013
Homes Sold 24 29
Average Selling Price $136,785 $135,399
Median Selling Price $105,000 $110,000
Days On The Market 135 152
Highest Selling Price $455,000 $511,000
Lowest Selling Price $9,000 $7,700

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.

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