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Huntsville AL Real Estate Market Trends – March 2010

By: Huntsville Real Estate Expert Mike Manosky On April 24, 2010

Pending home sales rose sharply in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®. Contracts signed in February, rose 8.2 percent above February 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in pending sales may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to reduce inventory and stabilize home values.”

Take a look at how Huntsville AL real estate sales statistics in March 2010 compared to March 2009.

Madison County/Huntsville AL Real Estate Sales Statistics

Huntsville and Madison County saw an increase of 40% in sold listings when compared to Feburary 2010.  The average sales price decreased by 1% to $177,722.  The average price per square foot increased by 3% when compared with Feburary 2010.  And the average list price decreased by 1%, while homes were on the market an average of 1 days less than March 2010.

Date Sold Listings Average List Price Average Sale Price Percent SP/LP Average DOM Average Price Sqft
Mar 2010 387 $183,027 $177,722 98.07% 89 $88
Feb 2010 234 $183,834 $178,805 98.54% 90 $85

As Mr. Yun said and these statistics show a second home surge maybe coming this spring, which will help reduce inventory and stabilze home prices. 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

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