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Huntsville AL Real Estate Market Trends – July 2012

By: Huntsville Real Estate Expert Mike Manosky On July 31, 2012

As Americans, we celebrated Independence Day this month flocking to places like Mount Vernon, Monticello and Peacefield to learn and understand more about our country’s history and the men and women who shaped its future. The homes of founding fathers like George Washington, Thomas Jefferson and John Adams were more than shelter; they were places of respite, reflection and inspiration.

“Homeownership is an investment in our future, but it’s also a gateway to our past,” said National Association of Realtors President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “The homes of our country’s founders offer insights into their characters and values, and reflect the spirits of their owners, just as our homes do for us today.”

In some ways, historic homeowners bear little resemblance to the homeowners of today. George Washington inherited Mount Vernon when he was 20; only 4 percent of recent home buyers were between the ages of 18-24, according to the 2011 NAR Profile of Home Buyers and Sellers. John Adams was born in the house that would remain in the Adams family for four generations. Today, fewer than 3 percent of families in this country have received their primary residence as an inheritance, according to a recent Survey of Consumer Finances published by the Federal Reserve Board.

Women’s rights to own property in America’s early days were often based on their relationships with men, so it’s not surprising that many women today view homeownership as its own form of independence, with single women representing more than one-fifth of all home buyers in the current market.

Homeowners across U.S. history do share some common ground, of course. Most of the founding families lived out their lives close to where they were born, and the same is true today. The U.S. Census Bureau reports that nearly 60 percent of Americans currently live in the state in which they were born, and NAR research shows that the typical buyer moves only 12 miles from his or her previous residence.

“I am as happy nowhere else and in no other society, and all my wishes end, where I hope my days will end, at Monticello,” said Thomas Jefferson of his home. Although today’s economic environment has postponed homeownership for some, numerous surveys show that most Americans still aspire to homeownership. In the NAR Profile, a full 60 percent of recent first-time home buyers cited the desire to own a home of their own as the primary reason for purchasing a home.

Lets take a look at June sales figures for Huntsville and Madison County.

Madison County/Huntsville AL Real Estate Sales Statistics

Huntsville AL and Madison County saw an decrease of 1% in sold listings in June 2012 when compared to May 2012. The average list price increased by 7% to $210,263 and the average sales price increased by 8% to $204,167.  The average price per square foot increased by 5%, and market times decreased by 4 days.

Date Sold Listings Average List Price Average Sale Price Percent SP/LP Average DOM Average Price
Sq Ft
June 2012 444 $210,263 $204,167 96.92% 89 $84
May 2012 450 $194,709 $188,534 96.58% 93 $80

For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.

 

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

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