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Huntsville AL Real Estate Market Trends – October 2012

By: Huntsville Real Estate Expert Mike Manosky On October 25, 2012

Ever since the housing bubble burst, the American public has been bombarded by predictions of all sorts.  Some have included assertions that the real estate market has bottomed out, while others issue dire warnings that it will sink still lower.  Accompanying these negative reports, however, there have usually been optimistic voices insisting that the market is actually improving.  And perhaps it finally is.  Dubious?  Read on…

According to a report issued recently by the Demand Institute, 2012 is the year of the housing bottom. The report states, “The double-digit increases in U.S. housing prices over the first half of the past decade proved unsustainable. But the freefall is over. The point has been reached where housing prices will start to climb, albeit at single-digit rates in most markets over the next five years.”

In addition, Douglas C. Yearley, Jr., CEO of Toll Brothers,says: “It appears that the housing market has moved into a new and stronger phase of recovery as we have experienced broad-based improvement across most of our regions over the past six months. The spring selling season has been the most robust and sustained since the downturn began.”

Numerous recently published articles discuss various stages of a housing market recovery.  Some describe a 3-step process, some 5, and others 7, but all agree that the signs of an upswing are currently here.  Visit Zip Realty, Seeking Alpha, and GMO for in-depth explanations and analyses of these stages.

Moreover, the Wall Street Daily touts 11 positive indicators that point to the beginning of a real estate turnaround.  Among those featured are rising housing starts, declining inventory, growing consumer confidence, spiking rental costs, increasing prices of homes, and rebounding existing home sales.

If you are considering buying or selling a home, this may well be a good time to do so. Interest rates won’t get much lower, prices seem to be stabilizing, and houses are more affordable than they’ve been in a decade.  Why wait any longer?

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

Madison County/Huntsville AL Real Estate Sales Statistics 

Huntsville AL and Madison County saw an decrease of 23% in sold listings in September 2012 when compared to August 2012. The average list price decreased by 5% to $192,564 and the average sales price decreased by 6% to $187,011.  The average price per square foot remained constant when compared with September 2012, and market times increased by 9% or 8 days.

Date

Sold Listings

Average List Price Average Sale Price Percent SP/LP Average DOM Average Price Sq Ft
September 2012 378 $192,564 $187,011 96.31% 92 $82
August
2012
493 $203,362 $197,962 97.31% 84 $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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