Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. "The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules," he said. "No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month."

Let’s take a look at the September sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for September show pending sales decreased by 30% in 2009 compared to September 2008. The average sales price decreased by 39% to $89,614 while sold listings were down 8% from 2008.  Market times remainded consistent with 2008. 

It is important to note that 15 of the closed sales were foreclosures at an average price of $33,853.  With these 15 sales removed from the total, September 2009's average sales price was $148,394, a slight increase over 2008.




Market Times

Sales Price

Sept 2009





Sept 2008





Investors are snapping up foreclosures because they believe that prices have hit bottom and they are eager to build their portfolios before the anticipated recovery.

Remember, there are only a few weeks left to benefit from the $8000 first-time home buyer tax credit. Give us a call to make your dream home a reality!For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.