Montgomery AL Real Estate Market Trends
Little change is expected in Montgomery AL real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors.
Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
Let’s take a look at the midtown Montgomery AL real estate market activity for this March to see how the spring is looking so far:
The Midtown Montgomery real estate market continued to slow considerably in April 2008, when compared against April 2007. Pending sales declined 43% while sold listings were down 37%. Homes were on the market an average of 34 days longer than last year, and the average sales price decreased 30% to $111,999.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
April 2008 |
43 |
38 |
109 |
$111,999 |
|
April 2007 |
75 |
60 |
75 |
$159,262 |
Once again, it's important to realize that Midtown homes--unlike those in newer subdivisions--are pretty much one-of-a-kind. Therefore, the average sale price for any single period will reflect what age, size and renovation quality homes have sold during that short time. For a truer picture of what's going on with homes like yours, give us a call or send us an email.
