All I can say is Up, Up and Away, and The Rocket City is certainly an applicable name for this month’s Home Sales results. A great month to say the least, as April 2010 Huntsville Home Sales came in above both 2008 and 2009 results by some 28.5%.
After a very slow start for the new year, Huntsville Real Estate sales within the metro area have now moved up from the February low of 155 closings to 320 units sold in April 2010, a tremendous move of 106% over the past 2 months. As the following chart illustrates home sales also rocketed above the longer term moving average as the last home buyers tax-credit deadline has now come and gone.
Will the market now slump as it did in a dramatic way after the previous tax-cut deadline of November 2009? Likely not and here is why; the structure of the current tax-cut qualified both first-time and previous home buyers for contracts signed before April 30th and closed prior to June 30th. Thus there are likely several pending closings scheduled over the next 2 months that are, in all truth, related to tax-cut incentives of 2010. The real story will be how our local market performs after June and into the proceeding months when there will no longer be any underlying tax-cut support for the demand side of the equation. So stay tuned!
While it does take some time for recent home sales to filter into public domain databases, be sure to visit one of our new web pages if you are interested following Recently Sold Huntsville Homes near your neighborhood or even across the metro area. Its quite simple to use; just type in the local address of interest and whala you’ll have a nice report of sold homes located in your neighborhoods of interest.