2012 is off to an encouraging start. Mortgage rates have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.
Job growth increased during most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment with a rate of 18.1% continues to be a problem for a stronger recovery. There are still a significant number of people working part time, who would like to have full-time work.
Even with substantial national improvements, the recovery is spotty. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery.
What does the recovery look like in our local real estate market? Take a look at January figures.
Madison County/Huntsville AL Real Estate Sales Statistics
Huntsville AL and Madison County saw an decrease of 29% in sold listings in January 2012 when compared to December 2011. It is not uncommon to see a drop in January closings due to many buyers taking time to enjoy the holidays instead of house shopping in December. The average list price decreased 2% to $191,199 and the average sales price decreased by 2% to $185,514. The average price per square foot remained consistent to December 2011, while market times increased by 12 days.
Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price Sqft |
January 2012 |
258 |
$191,199 |
$185,514 |
96.26% |
107 |
$79 |
December 2011 |
365 |
$195,544 |
$189,818 |
97.25% |
95 |
$79 |
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or 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.