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The authors of RealtyVan.com
through their affiliations and agreements now provide local market
conditions on the four cities listed below. Their insight and comments
are being included on the Internet's major real estate web
sites: Realtor.com, RealtyTime.com, HomeSeekers.com, and HOMES.com along
with being included in the major search engines and 40 other real
estate web sites. Comments are updated monthly and the most
current comments are included below.
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Montgomery: |
| Montgomery
MSA (Metropolitan Servicing Area)lists a civilian labor force of
175,900 in January the unemployment rate jumped .7 of a percent to
4.6%. The unemployment rate varied from a low of 2.9% to a high
of 4.0% in the previous 5 months. Government jobs represent the highest
number of jobs with 43.0% of the local work force. U.S. Department of
Labor Bureau of Labor Statistics 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. The following information is taken from statistics garnered from the local Multiple Listing Service (MLS) for the month of February and includes the entire local area market to include the four counties of Montgomery (Montgomery and Pike Road City), Autauga (Prattville), Elmore (Millbrook and Wetumpka) and to a smaller degree Lowndes. Total number of Houses Under Contract 470 which is an decrease from last month (442) AND a decrease from 509 over the same month last year. Total number of Houses Sold and Closed 340 which is a decrease from last month (315) AND a decrease from 397 over the same month last year. Average Selling Price of homes this past month: $150,618 which is a decrease over last month ($159,912) and similar to $151,837 over the same month last year. The Median Sales Price for the total market being $134,175. On February 8, 2008 there were a total 3,438 properties on the market of which 745 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 1,682. 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 Is the Montgomery market headed for a recession? It is rather hard to find the statistics for my following observations but the logic appears to hold. In analyzing the major sources of income to the are it appears are 5 major sources of income which do not follow the trends which impact the nation as a whole. First, Montgomery is the state capital and employees any number of state employees. Does a state government ever cut jobs? If the state government maintains current employment levels you hear of the hardship placed upon any number of state organizations. Second, Montgomery supports Maxwell Air Force Base and its annex Gunter. During the past decade when any number of base foreclosures occurred Maxwell only gained. Third and Fourth, retirees from the state government and the military find the area most inviting due to the low cost of living and a property tax that is one of the lowest in the nation. Since their retiree paycheck is more or less indexed to the economy this only adds to a stable income flow into the area. Fifth, Montgomery was the previous capital of the south and an undercurrent of "old" money still exists in the area. So when other parts of the nation are affected from a turn down in the economy, Montgomery in my estimation is less effected. In the future I will look for statistics which confirm or refute the above observations.Montgomery MSA (Metropolitan Servicing Area)lists a civilian labor force of 175,900 in January the unemployment rate jumped .7 of a percent to 4.6%. The unemployment rate varied from a low of 2.9% to a high of 4.0% in the previous 5 months. Government jobs represent the highest number of jobs with 43.0% of the local work force. U.S. Department of Labor Bureau of Labor Statistics 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. The following information is taken from statistics garnered from the local Multiple Listing Service (MLS) for the month of February and includes the entire local area market to include the four counties of Montgomery (Montgomery and Pike Road City), Autauga (Prattville), Elmore (Millbrook and Wetumpka) and to a smaller degree Lowndes. Total number of Houses Under Contract 470 which is an decrease from last month (442) AND a decrease from 509 over the same month last year. Total number of Houses Sold and Closed 340 which is a decrease from last month (315) AND a decrease from 397 over the same month last year. Average Selling Price of homes this past month: $150,618 which is a decrease over last month ($159,912) and similar to $151,837 over the same month last year. The Median Sales Price for the total market being $134,175. On February 8, 2008 there were a total 3,438 properties on the market of which 745 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 1,682. 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 Is the Montgomery market headed for a recession? It is rather hard to find the statistics for my following observations but the logic appears to hold. In analyzing the major sources of income to the are it appears are 5 major sources of income which do not follow the trends which impact the nation as a whole. First, Montgomery is the state capital and employees any number of state employees. Does a state government ever cut jobs? If the state government maintains current employment levels you hear of the hardship placed upon any number of state organizations. Second, Montgomery supports Maxwell Air Force Base and its annex Gunter. During the past decade when any number of base foreclosures occurred Maxwell only gained. Third and Fourth, retirees from the state government and the military find the area most inviting due to the low cost of living and a property tax that is one of the lowest in the nation. Since their retiree paycheck is more or less indexed to the economy this only adds to a stable income flow into the area. Fifth, Montgomery was the previous capital of the south and an undercurrent of "old" money still exists in the area. So when other parts of the nation are affected from a turn down in the economy, Montgomery in my estimation is less affected. In the future I will look for statistics which confirm or refute the above observations. |
| 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. |
| Montgomery the capital city of Alabama is a city rich in history, yet
clearly focused on the future. Once the capital of the Confederacy,
Montgomery grew to become the center of the Civil Rights Movement.
Today with a population estimated to be over 200,000 (2005), Montgomery
enjoys being the showplace for southern hospitality, beautiful weather,
and high-tech jobs. The diversity of the city spans country music legend Hank Williams, the Alabama Shakespeare Festival, the U.S. military (Maxwell AFB and Gunter Annex, Home of Air University and the 42nd Air Base Wing), the auto industry (new $1.1 billion Hyundai manufacturing plant plus a number of Tier 1 suppliers), baseball at the new Riverfront Stadium (Biscuits AA Southern League Champs 2006), entertainment at the Riverwalk Amphitheater, to much much more. The downtown redevelopment is bringing new life and energy into an area of historic significance. Montgomery is served by Interstate 65 and Interstate 85. I-65 is the primary north-south freeway through the city leading between Birmingham and Mobile, while I-85, another north-south (running east-west in the city) freeway, leads northeast to Atlanta. The major airport serving Montgomery is Dannelly Field, otherwise known as the Montgomery Regional Airport Further information and credit to the official city web site: http://www.montgomeryal.gov/ and http://en.wikipedia.org article Montgomery, Alabama. Visitors should also visit www.visitingmontgomery.com |
Prattville: |
| The
following information is taken from statistics garnered from the local
Multiple Listing Service (MLS) for the month of February and includes
the local area market (area 10 ,20) to include the county of Autauga,
and the city of Prattville. Total number of Houses Under Contract 61 which is an increase from last month (45) AND a decrease from 79 over the same month last year. Total number of Houses Sold and Closed 48 which is an increase from last month (37) AND a decrease from 48 over the same month last year. Average Selling Price of homes this past month: $183,370 which is an increase over last month ($160,651) AND an increase from $165,824 over the same month last year. The Median Sales Price for the total market being $157,000. On February 8, 2008 there were a total 427 properties on the market of which 174 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 238. 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. |
| Prattville
is located about 13 miles from Montgomery. The city is the county seat
of Autauga County. It is nicknamed "The Fountain City" after the
artesian wells in the area. The city was founded in 1839 by well-known
industrialist and architect Daniel Pratt. Interstate 65 runs along Prattville's east border. US Highway 31 bisects the community running north and south, and Alabama Highway 14 crosses from west to east connecting to the city of Millbrook. The proximity to Montgomery has contributed greatly to the growth of the city. It is estimated that 45 percent of Prattvillians work outside of the city, and the majority of these commute to Montgomery. Downtown Montgomery and Maxwell Air Force Base are 15 minutes away. Because of the quality of "Prattville" schools, affordable housing, low crime rate, and nearness to the base, many make Prattville their home. Employment opportunities continue to develop as businesses located to Prattville. International Paper Company, is the largest employer in the area. Several smaller industries in plastics, automotive industry-related manufacturing, packaging and power generation have recently opened. The newly developed Robert Trent Jones Golf Course has brought additional growth to the east of Prattville. Prattville experienced its first growth spurt in the 1960's when the population doubled from 6,616 to 13,116. In 1990, the census reported just under 20,000 with the current population approximately 40,243. Further information and credit to the official city web site: http://www.prattville.com/Default.asp?ID=31&pg=Home and http://en.wikipedia.org article Prattville, Alabama. |
Millbrook: |
| The
following information is taken from statistics garnered from the local
Multiple Listing Service (MLS) for the month of February and includes
the city area of Millbrook and Deatsville (area 11) Total number of Houses Under Contract 31 which is a decrease from last month (42) AND an increase from 32 over the same month last year. Total number of Houses Sold and Closed 38 which is an increase from last month (25) AND an increase from 25 over the same month last year. Average Selling Price of homes this past month: $180,791 which is an increase over last month ($171,900) AND an increase from $168,500 over the same month last year. The Median Sales Price for the total market being $150,000. On February 8, 2008 there were a total 264 properties on the market of which 83 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 162. 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. |
| Millbrook
is conveniently located less than 10 minutes from Montgomery. with its
population (year 2000): 10,380, it was estimated the population in July
2005: 14,805 (+42.5% change) Millbrook's strong demographics coupled with its progressive leadership and an aggressive economic development program are reasons why new businesses are locating in the city everyday. Millbrook's Wal-Mart Super Center will open mid-2007 near Interstate 65. This highly visible site along Interstate 65 will be the hub for commercial activity in the near future. Restaurants and other major retailers are locating along this major commercial corridor, Exit 181 Interstate 65 and Highway 14 East. The City of Millbrook has been fortunate through its growth to maintain the small city atmosphere many people are seeking. This has been accomplished by locating commercial development along Alabama State Highways 143 and 14. Residential developments are nestled in quiet areas throughout the city. Further information and credit to the official city web site: http://www.cityofmillbrook.org/home/ and www.city-data.com Millbrook-Alabama. |
Wetumpka: |
| The
following information is taken from statistics garnered from the local
Multiple Listing Service (MLS) for the month of February and includes
the city area of Wetumpka (area 12) and Elmore county MINUS the city
area of Millbrook/Deatsville (area 11) Total number of Houses Under Contract 63 which is an increase from last month (38) AND an increase from 59 over the same month last year. Total number of Houses Sold and Closed 35 which is an increase from last month (24) but a decrease from 59 over the same month last year. Average Selling Price of homes this past month: $180,541 which is an increase over last month ($178,391) but a decrease from $185,709 over the same month last year. The Median Sales Price for the total market being $172,500. On February 8, 2008 there were a total 341 properties on the market of which 135 were new construction. A new statistics which is now being included is the number of active homes which are also listed as vacant 183. 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. |
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Wetumpka
is the County Seat of Elmore County, and has a projected population of
7,500. Wetumpka offers small-town living with the convenience of
big-city amenities only minutes away in Montgomery. Annual
Special Events include Christmas on the Coosa, the Coosa River
Whitewater Festival, Frontier Days, Riverfest, Earth Day,
Adventure Race, and the Coosa River Challenge.
Abundant in lore and legend, Wetumpka (an Indian term meaning rumbling waters) is rich in aboriginal history. De Soto’s expeditions traversed the area nearly 500 years ago and found a palisade village built around A.D. 1000. In 1717 the French established Fort Toulouse as a military outpost and trading center, which was the beginning of an important trade hub for the entire area and continues to the present. Downtown Wetumpka is located on the banks of the Coosa River where rocks and rapids halt all navigation northward. The Coosa joins the Talapoosa River just south of town to form the Alabama River providing a navigable water route to the Gulf of Mexico. The city sits in the scenic, southern foothills of the Appalachian Mountains with elevation ranging from a low point of 150 feet above sea level on the west side of the Coosa River to a high point of 540 feet on Bald Knob Mountain, the eroded remains of a meteorite crater which blasted into the bedrock millions of years ago. Further information and credit to the official city web site: http://wetumpka.al.us and http://en.wikipedia.org article Wetumpka, Alabama. |
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