With the first half of 2012 nearly behind us I took a brief look at what is shaping up to be a recovery year for the Huntsville Real Estate Market.
I have tracked the sales data back to 2006, when our market was nearing its all time peak and I’m happy to announce …BUYERS ARE BUYING! The following chart shows Huntsville Home Sales for the first 5 months of the proceeding 6 years, and while we will likely not obtain home sales approaching our peak years, the current trend is in the right direction; with 2012 likely to out pace both 2010 and 2011.
Sold terms and market statistics, madison county, 2006-2012 1/1-5/31. What you’ll notice in the charts below are several things that I believe will begin to improve, once we work off our over supply of inventory.
I predict our Huntsville absorption rates will slowly move into a balanced market in most price ranges, with the exception of our upper end sellers who will be duking it out over the few buyers searching in that range. I believe the upper end recovery could continue to be a slow and painful one for the luxury and executive homes in Huntsville. Those that are on board and willing to take the hit will be successful in moving on.
2007 was our peak market and it appears that 2011 may very well be our low, on a steady recovery over the next few years. You’ll notice the number of homes sold, and list to sale price took a huge hit in 2011 and 2012 is showing up to be a great recovery year for the Huntsville Real Estate market. Music to our ears.