Good News for Montgomery Real Estate
As most of us are aware, the great recession wreaked havoc on the housing market all over the country. Even areas which had tended to be "recession proof" in the past suffered large losses in real estate values during the recession. In fact, according to CNNMoney.com, prices fell in the 20-city S&P Case-Shiller index for twenty-seven consecutive months. In October 2008 alone prices fell a staggering 18% across the index!
But, today there is good news in the housing market in the River Region and I would like to share a few statistics with you. A quick review of the Montgomery Area Association of Realtors Facts and Figures Report as of May 31, 2015 makes a very strong case that the housing market is back. First, sales of all homes in the area were up a whopping 14.2% over 2014 through the end of May, according to the Multiple Listing Service. Though new homes sales remained constant, sales of existing homes have trended up around 17.9% compared to the previous year. The prices of these homes have also moved upward with an increase of around 4.3% so far this year, and a very respectable 10.2% rise over the same period in 2013! The marketing time for both existing and new homes is also down slightly over 2014.
So, if anyone one asks you how our economy is in the River Region, please give them the good news!