As Septembers Go – A Great September!
September 2011 will go down as a Huntsville Real Estate market marker, a month to watch and compare closely as we move forward into 2012.
With ’409′ single family home closings this past month, home sales in Madison County are on-par with the highest points of the year, basically a repeat of June and July, which typically mark the peek of the summer selling season.
Huntsville Home Sales also surpassed Sept 2010, 2009, and 2008 coming in on-par with Sept 2007. The downward chart gap in homes sales we have experienced over the last 3 years has statistically been closed by this month’s performance. Will it continue?
Our Huntsville Housing Market Prognosis
Up to this point in the year, we felt 2011 home sales would come in slightly less than 2010 (-1% to 3%), however this past month’s performance changes our outlook, moving us in a more positive direction. Charting indicators are now forecasting a flat to slight increase of sales in 2011 over 2010 and this is great news!
It is difficult to say exactly what market factors, contributed the most, to this September’s unprecedented performance. Two local market factors stand-out in our view. Recovery and insurance settlements for our local infamous April tornado outbreak are one factor, as we have helped several tornado victims that decided to relocate instead of re-build. The successful conclusion of the US Army’s BRAC relocation is wrapping up as we speak and contributed to several relocations to Huntsville over the summer months.
- Brac Relocations
- Storm Re-builds and Moves
- Continuing Low Interest Rates
- Stabilizing Home Sales
- Stable Local Home Prices
Where To From Here?
Awe the million dollar question! …Of course we are not capable of predicting future market movements, nonetheless with on-par performances of both 2010 and 2011, one with a housing tax credit the other not, it is fair to say a local housing market bottom, from the 2006-2007 peaks, as been clearly established.
The bigger question of whether we move upward or downward from this bottom, depends on macro economic issues like; Will we experience a double-dip recession? …Time will only tell, but be sure to follow our regular market reports on the @Homes Real Estate Wonk RSS Feed.