Montgomery Real Estate Sales Statistics - March 2009
The Federal Housing Administration is a primary source of mortgage financing for millions of America’s families and plays a key role in helping bring stability to the housing market. This is the message that the National Association of Realtors® delivered to the Senate Appropriations Subcommittee today.
“Without FHA financing, families would be unable to purchase homes and communities would suffer from continued foreclosures and blight,” said Lennox Scott, a member of NAR’s Real Estate Advisory Board and CEO of John L. Scott Real Estate in Bellevue, Washington. In his testimony, Scott shared NAR’s belief in the importance of FHA and concern for the safety and soundness of its programs due to its dramatic growth over a short period of time.
“We believe that FHA has done a good job stepping up to today’s market challenges. However, along with the dramatic growth in market share comes greater responsibility and the need for increased infrastructure and staff,” Scott said. Over the past 18 months, FHA has handled an increase in volume four times greater than 2007 levels, increasing its market share to over 30 percent.
Montgomery AL real estate sales statistics for March show pending sales increase by 14% in 2009 compared to March 2008, the average sales price decreased by 9% to $129,037 while sold listings were down 43% from 2008. Market times showed an increase of 19 days or 20% from 2008.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
Mar 2009 |
57 |
30 |
95 |
$129,037 |
|
Mar 2008 |
49 |
53 |
76 |
$141,542 |
In reviewing the stats above, it is important to remember that foreclosures in the less affluent areas of Midtown have contributed significantly to the decilne in average selling price. When the 7 foreclosures sold in March are removed from the totals, the actual average sale price increases to $135,312.
For the latest Montgomery AL 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.
