Huntsville AL Real Estate Market Trends

The volume of Huntsville AL real estate sales of existing homes is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors.

Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said.  “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”

Let’s take a look at the real estate sales statistics for February 2008 to see how the market is looking in Huntsville and Madison Counties:

Huntsville/Madison County Market Statistics 

The Huntsville and Madison County markets continued to see a slowdown in sales this February, when compared against February 2007, but they defied national trends with increased list and sale prices.  The number of homes sold decreased 13% this February while the average list price and average sale price both increased by 3% - to $190,631 and $187,209, respectively.

Homes were on the market for an average of 30% longer this February than they were last February.  The average price-per-square-foot increased by $2; meanwhile, the ratio of sales price to list price remained about the same.

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.