There were 1,476 Madison County & Huntsville foreclosure homes for sale with 70 new foreclosures in January 2010. 1 in every 1,974 housing units received a foreclosure filing in January. The average sales price of a Madison County AL home was $195,766 and the average foreclosure sales price was $166,282, a $29,485 savings, according to RealtyTrac.com.
Madison County & Huntsville Foreclosure Activity and Home Price Index
The Madison County and Huntsville price appreciation dropped 0.04% in January with 70 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.
Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.
Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”
Take a look at how Huntsville real estate sales statistics in January 2010 compared to January 2009.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw a decrease of 14% in sold listings when compared to January 2009. The average sales price decreased by 7% to $189,639. The average price per square foot decreased by 1% when compared with January 2009. And the average list price decreased by 7%, while homes were on the market an average of 12 days less than January 2009.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Jan 2010
220
$195,999
$189,639
96.89%
84
$85
Jan 2009
256
$210,712
$204,312
97.21%
96
$84
For more information about Huntsville real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
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Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.
Let’s look at November Madison County/Huntsville real estate sales to see how the housing recovery is progressing locally.
Madison County/Huntsville Real Estate Sales Statistics
Madison County and Huntsville real estate saw a decrease of 8% in sold listings in November when compared to October 2009. The average sales price increased by 3% to $188,818. The average price per square foot increased by 10% when compared with October 2009. And the average list price increased by 3%. While homes were on the market an average of 5 days less than October 2009
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
Nov 2009
444
$192,493
$188,818
97.92%
63
$84
Oct 2009
485
$187,527
$183,594
98.29%
68
$76
For more information about Huntsville real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
Congress has voted to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said National Association of Realtors President Charles McMillan.
“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.
Let’s look at October Madison County and Huntsville real estate sales to see how the housing recovery is progressing in Huntsville AL.
Madison County/Huntsville Real Estate Sales Statistics
Huntsville and Madison County saw an increase of 17% in sold listings when compared to September 2009. The average sales price decreased by 3% to $183,835. The average price per square foot remained consistant with September 2009. And the average list price decreased by 3%. While homes were on the market an average of 6 days less than September 2009.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
Oct 2009
466
$187,810
$183,835
97.96%
68
$83
Sept 2009
388
$193,417
$188,152
98.06%
74
$83
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
Recent announcements from the Fed regarding a stall on short-term interest rates came as no surprise to most. Five and one quarter percent is where the interest rate has remained since last June. With an eye toward inflation, Fed Chairman Ben Bernanke recites a familiar statement blaming slowed growth partially on the “substantial cooling of the housing market.”
While housing may be cool in other areas, nothing could be farther from the truth in the Huntsville, Alabama real estate market. In fact, as the rest of the country has suffered a decline of 19% in housing starts, Huntsville’s real estate sales have remained stable, according to the American Chronicle.
Madison County/Huntsville Real Estate Sales Statistics
Madison County and Huntsville real estate saw an increase of 7% in sold listings when compared to June 2009. The average sales price decreased by 5% to $200,618. The average price per square foot decreased by 1%. And the average list price decreased by 5%. While homes were on the market an average of 17 days less than June 2009.
Date
Sold
Listings
Average
List Price
Average
Sale Price
Percent
SP/LP
Average
DOM
Average
Price
SqFt
July 2009
467
$205,365
$200,618
97.83%
69
$81
June 2009
433
$215,749
$210,499
97.46%
86
$82
This is a great time to consider buying or selling Huntsville real estate. Housing affordability is at an all-time high, interest rates are at near record lows and now first-time buyers can use their $8,000 tax credit towards a down payment.
Don’t hesitate and lose out. Give me a call and learn how you can take advantage of the $8,000 tax credit for first-time home buyers.
For more information about Huntsville real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
Madison County foreclosure homes are continuing to rise with 98 new Madison County foreclosure filings in April and 97 filings in March, according to RealtyTrac.com.
Madison County Foreclosure Activity and Home Price Index
Madison County 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 Foreclosure Geographical Comparison
The Madison County foreclosure rate of .13% is slightly above Alabama’s .11% rate, but .14% lower than the National rate.
Madison County Foreclosure Activity Month-by-Month
The amount of pre-foreclosure activity in March and April indicates that the foreclosure crisis is not over with many Madison County families in distress situations.
Are you or someone you know behind on your mortgage payments and facing a Madison County foreclosure? You do have options. A short sale may be the answer to saving you, your fmaily and your home. Give me a call for a private consultation.
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.
Madison