Forbes.com has ranked Madison County, AL 1 in the latest survey of the Top 10 Affordable Places To Weather The Downturn. Forbes considered factors such as well-priced homes, enviable job growth and proximity to vibrant cities when deciding where the best places are to live in these recessionary times.
Madison County, AL is an easy commuting distance to Huntsville with a population of 312,734.
Last year unemployment reached a 20-year high of 6.5%, but Madison County experienced 3.4% job growth.
Moody’s Economy.com provided an affordability index for each county. A score of 100 indicates that a family earning the median income in the surrounding metropolitan area can afford to buy a median-priced home. The higher the score, the higher the affordability. Madison County’s score was 221.02.
The median property tax is $577 and the per capita income (in 2006 inflation-adjusted dollars is $27,065.
Learn more about Madison County real estate at MoveToHuntsville.com or give us a call, 256-508-0211.
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
Let’s take a look at the sales statistics for September 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Real Estate Sales Statistics
Huntsville and Madison County real estate saw a 2% decrease in average sales price over September 2007. There was a 10% decline in home sales this September, when compared against September 2007. The average list price has seen an decrease of 2% over last year. Likewise, the sales price to list price ratio remained constant. The average price per square foot saw a 1% decrease. Homes remained on the market an average of 2 days longer than last year.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
Sept 2008
420
$201,072
$197,461
98.20%
82
$89
Sept 2007
467
$204,808
$200,814
98.05%
80
$90
There are lots of good things happening in Huntsville and Madison County real estate. I encourage you to take advantage of these opportunities.
For the latest Huntsville AL real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.
Let’s take a look at the sales statistics for July 2008 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Real Estate Sales Statistics
Huntsville and Madison County saw a 20% decline in home sales this July, when compared against July 2007. The average list and sale price has seen an increase of 6% over last year. Likewise, the sales price to list price ratio remained almost the same. The average price per square foot increased saw a 4% increase. Homes remained on the market an average of 17 days longer than last year.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
July 2008
509
$221,622
$217,512
98.15%
88
$93
July 2007
641
$208,495
$204,821
98.24%
71
$89
Even though the statistics show a drop in the total number of sales, it is important to remember we are comparing to record year in 2007. The current market is good, just not as good as in years past. I fully expect the Huntsville market to rebound early next year. It is an excellent time to buy now as we are seeing larger amounts of negotiating room on the existing inventory. Interest rates are very low making it an excellent time to buy.
There are lots of good things happening in Huntsville and Madison County. I encourage you to take advantage the opportunities. Please call or email anytime with any questions, 256-508-0211.
Your family will applaud when you give them more space in this 3000-SF home in Meridianville. Features include 4 bedrooms, 3 bathrooms, casual Great room. A Master suite with dressing area, dual sinks, separate shower, and whirlpool tub for bubble baths. The gourmet kitchen features stainless appliances, custom cabinets, pantry, and granite counter-tops. There is a bonus room for family fun. Lots of attic storage. Custom woodwork throughout. In-ground sprinkler system. This home provides a casual, relaxing lifestyle!
For your private showing or for more information, please visit MoveToHuntsville.com or call 256-508-0211. I’m glad to help if you are looking to buy a home in Huntsville AL, or Madison County AL. - and if you’re thinking of selling a home in Huntsville AL, Madison County AL or surrounding areas-you know who to call!
The Huntsville Times has reported Alabama’s jobless rate increased in December to 3.6 percent, with Madison County’s rates to be 2.4 percent. This is up from a 2 month low of 3.2 percent, but still well below the national average of 4.5 percent. Read the full story…
The Madison County school board voted unanimously this week to adopt a resolution to oppose a road-building company’s plan to blast for limestone within about a mile of Madison County Elementary School in downtown Gurley. Madison County High is about 2.7 miles from the site. Read more…
Are you thinking of buying or selling Madison County real estate? Visit, HuntsvilleHomeHunter.com for a free, automated email search of homes.
Housing prices are expected to continue to have a limited fall throughout 2006, according to testimony submitted by the National Association of Realtors® at last week’s Senate Banking Committee hearing on the economy. Huntsville housing prices, however, continued to climb despite the National Association of Realtors forecast.
The average sales price increased in August 2006 by approximately $6,487 or 4 percent from August 2005. The number of homes on the market increased by 26 percent or 1,058. Sold listings also increased by 15 percent or 156. homes Market times have decreased by 9 days or 9 percent.
Increased inventory usually means longer market times, but that is not happening in our current market. Increased inventory, also, means more homes for buyers to choose from, making competition among sellers tighter than we have seen in recent months.
Even with increasing sales, sellers must have their homes staged well and priced right to attract today’s savvy buyers. Contact me if you are thinking of selling your home. I have the experience, market knowledge and marketing expertise needed to sell your home in today’s market! Also, visit my website to view all Huntsville & Madison County homes for sale.
Statistics are based on information for the Huntsville Chamber of Commerce and are deemed reliable but not guaranteed.
The Huntsville Times reports that Alabama has passed a new law extending the school year form 175 days to 180 days. Alabama now joins more than half the state in the nation by requiring 180 days of school.
An additional $80 million has been dedicated to increased salaries for teachers and other school employees.
For information about Huntsville and Madison County schools, visit my website and give me a call with any questions you might have.
Madison County, AL is an easy commuting distance to Huntsville with a population of 312,734.
