Huntsville Real Estate Blog

Huntsville Real Estate Sales Statistics – November 2008

Pending home sales eased against a deteriorating economic backdrop but remain in a stable range, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.

Lawrence Yun, NAR chief economist, said a review of the past year is instructive. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”

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

Huntsville/Madison County Market Statistics 

Huntsville and Madison County saw a 1% increase in average sales price over November 2007.  There was a 51% decline in home sales this November, when compared against November 2007. The average list price has seen an decrease of 2% over last year.  Likewise, the sales price to list price ratio saw a slight decrease.  The average price per square foot saw remained constant.  Homes average days on the market were down by 9 days as the same time last year. 

For the latest Huntsville AL real estate market conditions in your area, 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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