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Huntsville Real Estate Market Trends – February 2011

By: Huntsville Real Estate Expert Mike Manosky On March 22, 2011

One of the major advantages of owning a home becomes readily apparent at this time of year, and that is, of course, real estate tax deductions and credits. Because you, as homeowners, can deduct 100% of the mortgage insurance and property taxes on your tax returns, write off many of your closing costs, and be eligible for an exemption for all or most of the profit gained from a resale, Uncle Sam effectively subsidizes nearly a third of your borrower costs over the life of the loan.

Naturally, in order to reap these benefits, you will have itemize your deductions on your return, but that is certainly time well spent in view of your savings. And better yet, in addition to deductions, there are also tax credits available. Remember, the tax credit actually reduces the amount of taxes you will pay, whereas a deduction reduces the amount of your taxable income.

Let’s take a look at the number of new homeowners who will be able to take advantage of real estate tax deductions and credits.

Madison County/Huntsville Real Estate Sales Statistics 

Huntsville and Madison County saw an increase of 9% in sold listings in February 2011 when compared to January 2011.  The average sales price increased by 1% to $192,494.  The average price per square foot decreased by 20% in February 2011 when compared to January 2010.  And the average list price increased by 1%, while homes were on the market an average of 13 days more than in January 2010.

Date Sold Listings Average List Price Average Sale Price Percent SP/LP Average DOM Average Price Sqft
Feb 2011 285 $199,014 $192,494 96.24% 97 $76
Jan 2010 258 $198,369 $191,369 97,09% 84 $95

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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