Hurricane Sandy's immediate impact on real estate in the hardest hit Northeastern neighborhoods has become painfully evident, from New Jersey shore houses completely swept away by the sea to entire neighborhoods like Queens' Breezy Point tragically leveled to the ground. But this latest natural disaster won't just affect certain ZIP codes, it will weigh on America's housing market as a whole,
according to Forbes.com.
In many parts of the country a housing recover has begun. Nationally, home sales have been notably higher this year as compared to last. In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors. Prices have risen too, with the national median sales price $183,900, or about 11% higher than September of 2011. Inventory has fallen drastically in many parts of the country, fueling the uptick in prices. The rising numbers have helped housing become a bright spot in recent economic reports, with analysts projecting that residential investment will positively contribute to gross domestic product this year for the first time since 2005.
Now, that rosy recovery is sure to dampen. "This will certainly create a negative in the short term," says Lawrence Yun, chief economist of the National Association of Realtors. "The bottom line is we clearly anticipate a slowdown, but it will be temporary."
Take a look at sales figures in our local real estate market for October.
Madison County/Huntsville AL Real Estate Sales Statistics
Huntsville AL and Madison County saw an increase of 3% in sold listings in October 2012 when compared to September 2012. The average list price increased by 3% to $199,151 and the average sales price increased by 3% to $192,388. The average price per square foot remained the same when compared with September 2012, and market times decreased by 3% or 3 days.
Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price Sq Ft |
October
2012 |
390 |
$199,151 |
$192,388 |
96.45% |
89 |
$82 |
September
2012 |
378 |
$192,564 |
$187,011 |
96.31% |
92 |
$82 |
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Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.