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Huntsville Real Estate Sales Statistics – 2008

By: Huntsville Real Estate Expert Mike Manosky On January 23, 2009

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.”
Let’s take a look at the sales statistics for 2008 to see how the Huntsville AL real estate market looks:

Huntsville/Madison County Sales Statistics 

Huntsville and Madison County saw a 2% increase in average sales price over 2007.  There was a 21% decline in home sales in 2008, when compared against 2007. The average list price has seen an increase of 2% over last year.  Likewise, the sales price to list price ratio saw a slight decrease.  The average price per square foot saw a 2% increase.  Homes average days on the market were up by 13 days from 2007. 

Date

Sold
Listings

Average
List Price

Average
Sale Price

Percent
SP/LP

Average
DOM

Average
Price
SqFt

 2008

5,018

$204,453

$200,025

97.83%

92

$90

 2007

6,343

$200,127

$197,041

98.46%

79

$88

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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