Seasonal Slow Down Has Arrived
While the good news is the seasonal slowdown is a month late, nonetheless the Huntsville Housing Market has slowed as we head into the holiday season. Seasonal slowdowns are the norm in our business and this year will be no exception.
Single Family Home Sales in Madison County, slowed in Oct 2011 with 288 transactions of record. Compared seasonally, 2011 October’s sales were:
- ~10% lower than Oct 2010
- ~19% lower than Oct 2008
Marking a continuing slide downward from the pre-housing crisis years of 2006-2007, as trended in the chart below. October of 2009 was an anomaly due to the home buyers tax credit, thus fairly useless in monthly year-over-year analysis.
Huntsville Real Estate 2007 – 2011
September Rocked! – What about the year as a whole?
This past month, September 2011 Home Sales far exceeded anyone’s estimates and was a welcomed occurrence.
While certainly helpful, the market improvements we experienced in Sept has not turned around the overall trend of the market on an annual basis.
Despite September’s great results, 2011 with only 2 months of sales remaining, is shaping up at best, to be flat (on-par) with 2010′s market performance. And this is good news, because it marks a plateau or bottom in the Huntsville home sales market post-mortgage-crisis.
While we are not yet at a point of stating the Huntsville Housing Market is; Improving, progressing, and growing as many of our colleagues are. We do feel the market has bottomed with 2 years of stabilized sales results and a stable market is a good thing especially given the last 5 years.