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Huntsville Real Estate Market Report – December 2006

By: Huntsville Real Estate Expert Mike Manosky On December 22, 2006

David Lereah, National Association of Realtors chief economist, said a fairly steady pace of home sales can be expected for the next two months. “It’s important to focus on where the housing market is now – it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high – they’ll stay that way through 2007.” he said. “In addition, a temporary correction in prices distracts from the fact that it is primarily the number of homes sales that affects the economy, and the number for this year will be the third highest on record.” How do local home sales stack up to this prediction?

The average sales price of Huntsville homes increased in November 2006 by approximately $7,084 or 4 percent from November 2005. The number of homes sold decreased during this time period by 11 percent or 54 homes. Market times remained relatively unchanged with only a one day increase. In 2005, homes sold for 98.43 percent of the list price, while this year homes sold for 98.91 percent of the list price.

Date

Average
List Price

Sold
Listings

Median
Sales Price

Average
Sales Price

Average
DOM

Nov 2006

$187,509

422

$152,060

$185,466

89

Nov 2005

$181,227

476

$146,950

$178,382

88

Although sales dropped in November compared to November 2005, the market remains strong and year end figures should be excellent. It is definitely a good time to be buying or selling a home in Huntsville and Madison County.

If you are thinking of buying a home, visit, HuntsvilleHomeHunter.com for a free, automated email search of homes.

 

 

Statistics are based on information for the Huntsville Chamber of Commerce and are deemed reliable but not guaranteed.       

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