Huntsville/Madison County Real Estate Sales Statistics-July 2008

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. "In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values," Gaylord said. "Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising - today's buyers are very well positioned to build wealth over time." National Association of Realtors®.

Let's take a look at the sales statistics for July 2008 to see how the Huntsville AL real estate market looks:

Huntsville/Madison County Real Estate Sales Statistics

Huntsville and Madison County saw a 20% decline in home sales this July, when compared against July 2007. The average list and sale price has seen an increase of 6% over last year. Likewise, the sales price to list price ratio remained almost the same. The average price per square foot increased saw a 4% increase. Homes remained on the market an average of 17 days longer than last year.

Date	Sold Listings	Average List Price	Average Sale Price	Percent SP/LP	Average DOM	Average Price SqFt
July 2008	509	$221,622	$217,512	98.15%	88	$93
July 2007	641	$208,495	$204,821	98.24%	71	$89

Even though the statistics show a drop in the total number of sales, it is important to remember we are comparing to record year in 2007. The current market is good, just not as good as in years past. I fully expect the Huntsville market to rebound early next year. It is an excellent time to buy now as we are seeing larger amounts of negotiating room on the existing inventory. Interest rates are very low making it an excellent time to buy.

There are lots of good things happening in Huntsville and Madison County. I encourage you to take advantage the opportunities. Please call or email anytime with any questions, 256-508-0211.

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

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