Everyone knows that the Montgomery real estate market has been rather daunting for the last several years. Ups and downs, reports of good news and bad news, short sales, foreclosures, declining inventory, increase in mortgage applications, buyer frustrations, and seller indecision—all have kept the real estate industry on a roller coaster for too long. Hope springs eternal, however, and rays of optimism from several fronts may well signal better times ahead.
- In a recent survey, more than three-quarters of homeowners (78 percent) said that owning a home is one of their greatest achievements, and 85 percent of U.S. adults (which includes both homeowners and renters) agreed that they always dreamed of owning a home.
- Builder confidence in the market for newly built, single-family homes gained five points in May. This is the index’s strongest reading since May of 2007 and bodes well for Montgomery real estate.
- The median existing single-family home price rose in 74 out of 146 metropolitan statistical areas (MSAs) based on closings in the first quarter from the same quarter in 2011.
- In Fannie Mae’s Monthly National Housing Survey, the percentage of respondents who say it is a good time to sell increased from 10 percent for the fourth straight month to 15 percent
Lets look at the statistics in our local real estate market?
Midtown Montgomery real estate sales statistics for May show the number of homes sold increased by 38% compared to May 2011. The average sales price decreased by 13% to $99,619 during the same period. The median sales prices increased by 5%, and market times increased by 22% or 28 days. The highest selling home price decreased by 21%, and the lowest selling home price decreased by 54%.
|Midtown Montgomery||May 2012||May 2011|
|Average Selling Price||$ 99,619||$ 114,116|
|Median Selling Price||$ 78,000||$ 74,000|
|Days On The Market||130||102|
|Highest Selling Price||$ 380,000||$ 480,000|
|Lowest Selling Price||$ 5,800||$12,500|
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.