Temporary problems in the mortgage market are expected to free some pent-up demand, but disrupted existing-home sales and distorted prices on sales closed in September, according to the National Association of Realtors®. Even so, prices continued to rise in some area. Because of this and other factors, total existing home sales fell 8% and are 19% below the level that they were in September 2006.
Lawrence Yun, NAR senior economist, said the decline is understandable. “Mortgage problems were peaking back in August when many of the September closings were being negotiated . . . the good news is that mortgage availability has markedly improved in recent weeks . . .”
Let’s take a look at the midtown Montgomery October sales statistics to see if this trend held true:
Midtown Montgomery saw a decrease in pending and sold listings this October, when compared with October 2006 - they dropped 24% and 27%, respectively. The average market times were up only by 9 days, or 11% while the average sales price continued to climb 7%, bringing it to $152,049 for the month of October.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
October 2007 |
32 |
30 |
85 |
$152,049 |
|
October 2006 |
42 |
42 |
76 |
$141,559 |
This is a great time to consider buying a home in Montgomery. For more information about Montgomery AL real estate, please visit HomesForSaleInMontgomeryAlabama.com or call me at 800-HAT-LADY. To begin searching for Montgomery AL homes, please use my complimentary MLS search.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
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