Huntsville AL Housing Market Slows

Huntsville Housing Market Report

by Elizabeth Cooper-Golden

in Huntsville Housing Market

SlowHousingMarket

2014 Market Off To Slow Start

While one quarter does not a year make, it is hard not to look at the Huntsville real estate market statistics for the first quarter of 2014 without some hesitation and pause.

Unit Home Sales Down 7% for the Quarter

Single family home sales in Madison County dropped -7% to 931 closings in 2014, compared to the 1002 transaction recorded during the same period of 2013. Since we are doing a quarterly analysis we aren’t the first market observers to report a slow start to the year: Huntsville Real Estate Off To Slow Spring Start.

HomeSales

Overall Market and Market Share

April and May did show some improvement and hopefully point to a strong summer rebound, nevertheless, a Year-To-Date transaction report on the entire MLS area this morning revealed a decrease of -4.5% in home sales as compared with 2013.

I am so proud on our @Homes Realty Group and the core set of agents that call themselves; The Homies. This is our 5th year in business and we have gradually gained market share each year. This year, 2014, is off to a great start with our active listings up well over +100% and closed transactions up +41% year-to-date. Not bad when considering a overall weaker market.

Inventory and Days-On-Market

Overall unit inventory is down -2.7% for the quarter, from an average of 3585 homes for sale during Q1-2013. to an average of 3488 during Q1-2014. However due to the slower sales, the months of supply ratio has actually risen from 9 months of supply to 11 months of supply during the quarter. Day-On-Market also ticked higher by ~10% indicating that it took longer to sell homes during the first quarter than in the previous year.

RealEstateTrends

Huntsville Median Home Prices

The Huntsville median home price declined -3% from $162K in Q1-2013 to $157k in Q1-2014. However with relatively flat sales prices over the last 2 years, it is too early to draw any conclusions. Especially since April showed a strong re-bound of $170k, thus we will have to watch this closely throughout the rest of the year.

HomePrices

Overall Market Prognosis

While the start of 2014 came in with a whimper, April and May are showing promise. The ACRE forecast is predicting a relatively flat year for home sales in the Huntsville area, however we would have to sum it up truthfully as; The Jury is Still Out.

Stay tuned we are sure to keep you updated as the year progresses.

- Elizabeth

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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. © 2016 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

@Homes Realty Group
100 Providence Main Street
Suite B (above CVS)
Huntsville, AL 35806

Phone Numbers
Cell: (256) 425-1659
Office: (256) 585-6000
Fax: (256) 217-4073

Email Address
Elizabeth@atHomesRealty.com

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