Huntsville AL Real Estate Market Trends Report
A modest gain in the level of Huntsville AL real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.
Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.
Let’s take a look at the May sales statistics to see how things are looking in the Huntsville AL real estate market:
Huntsville/Madison County Market Statistics
Although sales in Huntsville and Madison County were down 19% in May 2008, when compared against 2007, prices bucked national trends and continued to rise. The average list price increased 6% to $204,800, while the average sales price was up 7% to $204,636. Likewise, the average price per square foot also increase 8% to $93/sq. ft. Homes remained on the market an average of three weeks longer than in May 2007.
|
Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price SqFt |
|
May 2008 |
478 |
$204,800 |
$204,636 |
99.92% |
95 |
$93 |
|
May 2007 |
587 |
$192,560 |
$189,560 |
98.55% |
74 |
$86 |
As these statistics and national trends show, this is a great time to consider buying or selling Huntsville AL real estate. To learn more about the current Huntsville AL real estate market, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.
