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Huntsville Real Estate Sales Statistics – November 2010

By: Huntsville Real Estate Expert Mike Manosky On January 14, 2011

Once again the mortgage interest deduction (MID) is under attack as the Deficit Reduction Commission has recommended modification of this deduction. The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by NAR and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.

Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage. Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.

The National Association of Realtors urges you to please make a quick call to your senator’s office today to ask him or her to defend the MID from any cuts or reduction as outlined in the Deficit Commission Report released last week.

Now, let’s take a look at November home sales in our local area.

Madison County/Huntsville Real Estate Sales Statistics

Huntsville and Madison County saw a decrease of 11% in sold listings in November when compared to October 2010.  The average sales price increased by .3% to $194,156.  The average price per square foot decreased by 1% in November 2010 when compared to October 2010.  And the average list price increased by .5%, while homes were on the market an average of 9 days more than in October 2010.

Date Sold Listings Average List Price Average Sale Price Percent SP/LP Average DOM Average Price Sqft
Nov 2010 298 $199,723 $194,156 97.19% 85 $80
Oct  2010 334 $198,832 $193,669 97.74% 76 $82

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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