Montgomery Real Estate Sales Statistics - November 2008
Lawrence Yun, NAR chief economist, said a review of the past year is instructive. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”
Let’s take a look at the sales statistics for November 2008 to see how the Montgomery AL real estate market looks:
This Novmember, Montgomery AL saw market times decrease by 16 days, when compared to November 2007. Pending sales have decreased 11% in November 2008 from November 2008. The average sales price dropped 22% to $115,405 while sold listings were down 30% from November 2007.
|
Midtown
Montgomery |
Pending
Sales |
Sold
Listings |
Average
Market Times |
Average
Sales Price |
|
November 2008
|
40
|
21
|
71
|
$115,405
|
|
November 2007
|
45
|
30
|
87
|
$148,420
|
Once again it is important to note the impact of foreclosure resales on overall statistics. As of today, 50% of the pending sales in Midtown are foreclosures that average $43,261. When the value of these sales is deducted from the overall pending sales data, the average sales price of the other pending sales is $174,432---a marked increase over 2007! Clearly, foreclosures continue to dilute sales price averages but non-foreclosure sales continue to gain ground.
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.
