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Huntsville Real Estate Sales Statistics: May 2009

By: Huntsville Real Estate Expert Mike Manosky On June 19, 2009

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Madison County/Huntsville Real Estate Sales Statistics 

Madison County and Huntsville real estate saw a decrease of 26% in sold listings when compared to May 2008.  The average sales price decreased by 5% to $192,015.  Average price per square foot decreased by 3%.  And the average list price decreased by 4%.  While homes were on the market an average of 6 days less than May 2008. 

 

This is a great time to consider buying or a home in Huntsville or Madison AL. Housing affordability is at an all-time high, interest rates are at near record lows and now first-time buyers can use their $8,000 tax credit towards a down payment.

Don’t hesitate and lose out. Give me a call and learn how you can take advantage of the $8,000 tax credit for first-time home buyers.

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. 

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed. 

 

Date

Sold
Listings

Average
List Price

Average
Sale Price

Percent
SP/LP

Average
DOM

Average
Price
SqFt

May 2009

368

$196,838

$192,015

97.55%

90

$88

May 2008

497

$206,028

$202,469

98.27%

96

$91

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