What follows is a local monthly market conditions report for Montgomery Alabama. This particular report is for the month of May, 2008.
The market remains slow with buyers looking for the better deals. Market concern may be a factor for some buyers but investors are still in the market helping in the sale of some depressed homes. Some builders holding vacant new homes are making great deals and in some cases offering properties for rent and lease purchase to assist their bottom line. A number of homes are being sold on the foreclosure market and these range in price from 30k up to over 350k. Theses comments and statistics are updated every month with new comments being added by the 10th of the month. Your input is solicited, please email your comments and suggestions to the editor and author jimvanermen@yahoo.com
The following information is taken from statistics extracted from the local Multiple Listing Service (MLS) for the month of April and includes the city area of Wetumpka (area 12) and Elmore county MINUS the city area of Millbrook/Deatsville (area 11). A complete MLS map of the local area can be found on the http://RealtyVan.com web site at http://realtyvan.com/mls_search.html.
Total number of Houses Under Contract 52 is a decrease from last month (57) AND a decrease from 66 over the same month last year.
Total number of Houses Sold and Closed 35 is a decrease from last month (48) and a decrease from 52 over the same month last year.
Average Selling Price of homes this past month is $185,638 which is a decrease over last month ($171,911) but an increase from $180,373 over the same month last year.
The Median Sales Price for the total market being $169,900.
On May 8, 2008 there were a total 335 properties on the market of which 110 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 164. Changes in the the number of homes listed as vacant may provide a future indication of possible home foreclosures.
A total recap for the year of 2007 using the complete MLS servicing area has the total number of properties sold as 5,393 totaling in price $905,179,202 with the average home selling for 167,843 representing 97.26 of the average listing price of $172,569 and averaging 92 days on the market.
A listing of all local Market condition reports can be found at: http://realtyvan.com/MarketConditions.html
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