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Huntsville AL Real Estate Market Trends Report

By: Huntsville Real Estate Expert Mike Manosky On July 17, 2008

Modest near-term movement is expected in Huntsville AL real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

Let’s take a look at the sales statistics for June 2008 to see how the Huntsville AL real estate market looks:

Huntsville/Madison County Market Statistics 


Huntsville and Madison County saw a 22% decline in home sales this June, when compared against June 2007.  The average list and sales prices, however, changed less than 1% over last year.  Likewise, the sales price to list price ratio and average price per square foot remained almost the same.  Homes remained on the market an average of 25 days longer than last year.

 

Date

Sold

Listings

Average

List Price

Average

Sale Price

Percent

SP/LP

Average

DOM

Average

Price

SqFt

June 2008

514

$210,207

$205,835

97.92%

93

$92

June 2007

657

$210,472

$207,319

98.50%

68

$91

Again, as Yun said, real estate sales and prices vary from neighborhood to neighborhood, even within the same city.  For the latest Huntsville AL real estate market conditions, 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.  

 

 

 

 

 

 

 

 

 

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