Little change is expected in Huntsville AL real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors.
Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
Let’s take a look at the Huntsville and Madison County real estate market activity for this March to see how the spring is looking so far:
Huntsville/Madison County Market Statistics
Although the Huntsville/Madison County real estate market saw a 25% slowdown in sales in March 2008 when compared with March 2007, price increases continued to defy the national trends. The average list price and average sale price were both up 13% over last year, bringing them to $217,300 and $213,598, respectively. Homes were on the market an average of 10 days longer than in 2007, and the average price per square foot increased by $5 to $91/sf. The ratio of sales price to list price remained about the same from last year.
Date | Sold | Average | Average | Percent | Average | Average |
March 2008 | 422 | $217,300 | $213,598 | 98.30% | 99 | $91 |
March 2007 | 563 | $188,855 | $186,498 | 98.75% | 89 | $86 |
Now is a great time to buy or sell Huntsville AL real estate. To get started looking at homes, please visit MoveToHuntsville.com or search the MLS here. For more personalized service, please call me at 256-508-0211.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.