Even our area is seeing an increase! Historically the Tri-county area (Montgomery, Prattville, Millbrook, Pike Road, Wetumpka, Alabama area's) are behind the trends. We are seeing the market ramping up and days on the market drop drastically! The numbers don't lie! Last year, year to date in 2017 there had been 1366 homes sold with an average price of $157,915. Looking at homes sold year to date this year in 2018, 1378 homes sold with an average sold price of $162,731. This is only 12 more homes sold comparing the two years but the price is up $4,816 dollars from this time last year!
Daily Real Estate News | Wednesday, April 25, 2018
The monthly payment for an entry-level home is on the rise. And the rising costs may be one reason why first-time buyers are making up a lower share of buyers this spring. First-time buyers comprised 30 percent of existing-home sales in March, which is down from 32 percent a year ago, according to data from the National Association of REALTORS®.
Monthly housing costs for an entry-level buyer increased $136 to $1,641 nationwide, a 9 percent increase from last year, according to data from John Burns Real Estate Consulting. The higher costs means more consumers must be willing to make trade-offs to buy a home, compromising on size, attached versus detached, and location.
“First-time buyers continue to make up an underperforming share of the market because there are simply not enough homes for sale in their price range,” NAR President Elizabeth Mendenhall said in a statement. “Supply conditions improve in higher-up price brackets, which means those trading up should see considerable interest in their home, as well as more listings to choose from during their own search.”
Great news is Alabama's Tri-county area (Montgomery, Prattville, Millbrook, Pike Road) may not have the highs that some areas have but….. We don't have the crashes some of the area around the country have! For the most part with the two military bases ( Gunter Air Force and Maxwell Air force base) bringing in people to the area, along with the industries like Hyundai Automotive and many more coming to the area!