By: Huntsville Real Estate Expert Mike Manosky On March 23, 2012
Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.
What does affordability look like in our local real estate market? Take a look at February figures.
Huntsville AL and Madison County saw an increase of 11% in sold listings in February 2012 when compared to January 2012. The average list price decreased 4% to $182,555 and the average sales price decreased by 5% to $176,532. The average price per square foot decreased by 4%, while market times increased by 3 days.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Feb 2012
292
$182,555
$176,532
96.93%
110
$76
Jan 2012
259
$191,155
$185,492
96.26%
107
$79
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On March 4, 2012
2012 is off to an encouraging start. Mortgage rates have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.
Job growth increased during most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment with a rate of 18.1% continues to be a problem for a stronger recovery. There are still a significant number of people working part time, who would like to have full-time work.
Even with substantial national improvements, the recovery is spotty. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery.
What does the recovery look like in our local real estate market? Take a look at January figures.
Madison County/Huntsville AL Real Estate Sales Statistics
Huntsville AL and Madison County saw an decrease of 29% in sold listings in January 2012 when compared to December 2011. It is not uncommon to see a drop in January closings due to many buyers taking time to enjoy the holidays instead of house shopping in December. The average list price decreased 2% to $191,199 and the average sales price decreased by 2% to $185,514. The average price per square foot remained consistent to December 2011, while market times increased by 12 days.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
January 2012
258
$191,199
$185,514
96.26%
107
$79
December 2011
365
$195,544
$189,818
97.25%
95
$79
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On June 15, 2011
Huntsville Homes For Sale: 209 New Bristol Lane Madison, AL 35756
MLS#804252
Gorgeous brick ranch nestled on a beautiful privacy fenced lot. A welcoming foyer leads into a southern style great room featuring volume ceilings and an abundance of windows for natural light. Your family will enjoy gathering here. The charming kitchen is sure to please the chef in your family. Featuring stainless appliances, smooth-top range, ample cabinet and counter space plus a pantry, cooking is going to be fun. Family and friends can gather in the sun-drenched breakfast room with easy access to the covered patio. A luxurious master retreat boasts a striking trey ceiling, garden tub, separate shower, dual raised vanities and a walk-in closet. The additional secondary bedrooms are ample in size and share a lovely hall bathroom. A large laundry room is perfect for keeping things organized. Relax under the covered patio and submerge yourself in private backyard view. The oversized two car garage offers tons of storage. Pack your bags and come on over! We are sure you will want to stay. Call us today for a private tour.
Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special. In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.
Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.
By: Huntsville Real Estate Expert Mike Manosky On June 3, 2011
The 25th annual Spring Tour of Homesis the perfect place to start to turning your dream of home ownership into a reality. With 85 newly constructed homes and 8 remodeled homes throughout the Madison County area, the Tour offers a wide variety of housing choices designed to help buyers find that “perfect home.”
The 2011 Spring Tour of Homesis presented by the Huntsville/Madison County Builders Association. Housing types range from single-family homes and patio homes to town homes and remodeled homes with prices ranging from just under $120,000 to $985,000.
Homes on the Tour will be open to the public from 1:00 – 5:00 pm June 4 -5 and June 11-12. Some remodeled homes are only open on June 11th – 12th – please refer to the individual home listing.
New this year to the Spring Tour of Homes is the Remodelors Idea Home. The Association purchased a home located at 1602 Mont Dale Rd in the Blossomwood area which had been virtually untouched since its original construction in 1960. The purpose of the Remodelers Idea Home is to show consumers the latest in products and services that are available for remodeling and renovation. The Remodelers Idea Home is for sale, listed at $448,900.
Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special. In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville.
Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.
By: Huntsville Real Estate Expert Mike Manosky On January 28, 2011
The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:
“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there’s one thing I learned about this real estate is that it’s very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you’ll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you’ll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn’t you buy now if you were so inclined? The only thing you need is a little courage.”
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an increase of 13% in sold listings in December when compared to November 2010. The average sales price increased by 5% to $205,625. The average price per square foot decreased by 9% in December 2010 when compared to November 2010. And the average list price increased by 5%, while homes were on the market an average of 11 days more than in November 2010.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Dec 2010
349
$211,594
$205,625
96.10%
96
$73
Nov 2010
305
$200,826
$195,255
97.18%
85
$80
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On December 15, 2010
Huntsville Real Estate For Sale: 230 Postwood Court Madison, AL 35758
MLS#344211
If you are looking for easy living look no further then this sparkling maintenance free home! Rock away the day on the covered front porch and gaze at the lush landscaping. Greet family and friends in the inviting foyer with wood floors. Illuminated by tons of natural light and soothed by a fireplace, the great room is perfect for large gatherings. The dreamy kitchen with cabinets and counter space galore is sure to please the cook. A charming breakfast area with bay window views is a lovely place to start your day. Mom and Dad are going to love their suite boasting great views, a walk-in closet and a luxurious bathroom. The additional bedrooms are all spruced up with cheerful colors. Step outside and you will find a private patio overlooking a large nicely landscaped fully fenced backyard. Grab the kids and head over to the park with playground, picnic pavilion, Frisbee golf and walking trails. Fantastic family community with fun for everyone. Bring the whole family over to see this immaculate home.
Learn more about 230 Postwood Court and other Huntsville real estate by visiting MoveToHuntsville.com.
By: Huntsville Real Estate Expert Mike Manosky On November 29, 2010
Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.
The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to home ownership.
Despite economic uncertainty, 68 percent of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.
Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an decrease of 2% in sold listings in October when compared to September 2010. The average sales price decreased by 6% to $193,701. The average price per square foot increased by 1% in October 2010 when compared to September 2010. And the average list price decreased by 6%, while homes were on the market an average of 4 days more than in October 2010.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Oct 2010
329
$198,898
$193,701
97.74%
76
$82
Sept 2010
336
$211,890
$206,828
98.56%
72
$81
On average, we have between a 9-12 months supply of homes currently on the market in all price ranges.
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
By: Huntsville Real Estate Expert Mike Manosky On October 29, 2010
There were 1,682 Madison County & Huntsville foreclosure homes for sale with 81 new foreclosures in Sept 2010. One in every 1,747 housing units received a foreclosure filing in Sept. The average sales price of a Madison County AL home was $203,438 and the average foreclosure sales price was $152,833, a $50,604 savings, according to RealtyTrac.com.
Madison County & Huntsville Foreclosure Activity and Home Price Index
The Madison County and Huntsville price appreciation was 0.0% in Sept with 81 new foreclosure homes.
Madison County AL foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Madison County & Huntsville Foreclosure Geographical Comparison
Madison County & Huntsville foreclosure activity was 0.21% lower than national statistics and 0.01% lower than state figures.
Madison County & Huntsville Foreclosure Activity by Month
By: Huntsville Real Estate Expert Mike Manosky On October 7, 2010
There were 1,629 Madison County & Huntsville foreclosure homes for sale with 101 new foreclosures in August 2010. One in every 1,401 housing units received a foreclosure filing in August. The average sales price of a Madison County AL home was $197,088 and the average foreclosure sales price was $179,163, a $17,925 savings, according to RealtyTrac.com.
Madison County & Huntsville Foreclosure Activity and Home Price Index
The Madison County and Huntsville price appreciation was 0.0% in August with 101 new foreclosure homes.
Madison County AL foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Madison County & Huntsville Foreclosure Geographical Comparison
Madison County & Huntsville foreclosure activity was 0.19% lower than national statistics and 0.02% lower than state figures.
Madison County & Huntsville Foreclosure Activity by Month (more…)
By: Huntsville Real Estate Expert Mike Manosky On September 23, 2010
Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery, according to the National Association of Realtors. The recovery looks to be a long process with job numbers being lower than expected in the last couple of months. However, affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.
Take a look at how the Huntsville real estate market fared in August.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an increase of 7% in sold listings in August when compared to July 2010. The average sales price decreased by 7% to $207,355. The average price per square foot increase by 6% in August 2010 when compared to July 2010. And the average list price decreased by 7%, while homes were on the market an average of 1 days more than July 2010.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Aug 2010
350
$213,772
$207,355
96.52%
88
$82
July 2010
327
$229,042
$222,405
97.00%
89
$77
On average, we have between a 9-12 months supply of homes currently on the market in all price ranges.
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
