Market Conditions for Montgomery, Alabama
Reported by Jere Whitehouse - Associate Broker, CRS, ABR, GRI, SRES, E-Pro, Associate Broker
As of May 6, 2008.
I would like to share with you some great local news for Montgomery and the surrounding areas:
Home sales around Montgomery remained well below 2007 levels in March, but the pace has picked up compared to February, pointing to a shift in sales! The average Montgomery area home price climbed in March 2008 as compared to February, up to $156,390 from an average $150,618, though still down well below from home prices this same time last year.
This means "Great Buys" are still available for Home Buyers, AND a great "Value" for Home Sellers as home prices are coming back to reality!
Homes sold faster in Montgomery last month compared to February, bucking a statewide trend. Homes in the Montgomery area sold after an average of 93 days on the market as compared to 136 days statewide. The second quarter of 2008 continues to reflect a period of correction compared to historic levels, but contributing factors that are leading toward momentum and long term stability in the housing market include an improved credit environment, realistic buyer and seller value expectations, and continued improvement in the level of housing afordability!
The interest rates are still at historic lows, and the selection of new and existing homes in all areas and price ranges is "Excellent"
Spring is here, and there is lots of buyer activity with everything in bloom, schools are letting out for summer break, and Maxwell AFB is preparing for its annual migration of Air War College students and enlisted support... which is always a great boom for our local economy and greatly appreciated!
This is GREAT news for anyone wanting to buy, sell, or invest in the Montgomery Tri-County areas and now would be a great time to make a move in the real estate market.
Give me a call or send me an email and let me know your situation and how I can help! Together, I am sure, we can find a solution to meet your goals.
(334) 324-9485 or Jere@JereWhitehouse.com