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Huntsville Real Estate Sales Statistics – March 2011

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

Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale. 

Many analysts use the “tip of the iceberg” analogy to describe the ‘shadow inventory’ situation, feeling that a massive number of distressed properties and underwater loans sits just below the surface. Some believe that the number of potential homes for sale greatly exceeds the number currently on the market. No significant appreciation of Alabama real estate and home prices will take place until the shadow inventory that exist works its way through the real estate market.

The map below shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. As you can see, Alabama has 8 months of shadow inventory to contend with.

  

Now take a look at how the Huntsville market performed in March.

Madison County/Huntsville Real Estate Sales Statistics 

Huntsville and Madison County saw an increase of 12% in sold listings in March 2011 when compared to February 2011.  The average sales price increased by 1% to $197,747.  The average price per square foot increased by 5% in March 2011 when compared to February 2010.  And the average list price increased by 1%, while homes were on the market an average of 9 days more than in February 2010.

Date Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price Sqft
Mar 2011 335 $204,557 $197,747 95.36% 106 $80
Feb 2010 294 $201,551 $195,062 96.25% 97 $76

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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