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Huntsville AL Real Estate Update

By: Huntsville Real Estate Expert Mike Manosky On November 15, 2007

Temporary problems in the mortgage market are expected to free some pent-up demand, but disrupted existing-home sales and distorted prices on sales closed in September, according to the National Association of Realtors®.  Even so, prices continued to rise in some areas.  Because of this and other factors, total existing home sales fell 8% and are 19% below the level that they were in September 2006.

 

Lawrence Yun, NAR senior economist, said the decline is understandable.  “Mortgage problems were peaking back in August when many of the September closings were being negotiated . . . the good news is that mortgage availability has markedly improved in recent weeks . . .”

 

Let’s take a look at the Huntsville and Madison County October sales statistics to see if this trend held true:

  
Huntsville/Madison County Market Statistics

The Huntsville and Madison County markets saw a bit of a slow down in total sales.  Sales prices, however continued to increase while market times dramatically decreased.

The average sales price increased in October 2007 by approximately 8% from October 2006 to $200,605. The price per square foot increased by 3% to $89 per square foot.

The number of homes sold decreased in October by 9%, as market times decreased by 42%, or 65 days. The sales price/listing price ratio remained almost the same from 2006 to 2007.

Date

Sold
Listings

Average
List Price

Average
Sale Price

Percent
SP/LP

Average
DOM

Average
Price
SqFt

October 2007

457

$203,983

$200,605

98.34%

91

$89

October 2006

504

$186,306

$183,668

98.58%

156

$86

This is a great time to consider buying or selling a home in Huntsville or Madison AL.  For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.  To begin searching Huntsville AL homes, please use my complimentary MLS search.  

 

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