ALABAMA REAL ESTATE JOURNAL

Home sales in the Huntsville area average 22 days on market in July 2020

Sales: According to ValleyMLS.com, July home sales in the Huntsville area increased 7.7% year-over-year from 863 to 929 closed transactions. Sales increased 9.7% from June and are now up 6.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Huntsville-area housing data, click here.

Inventory: Homes listed for sale decreased 16.9% from 1,231 to 1,23 listings. Months of supply decreased from 1.4 to 1.1, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in July was $249,900, an increase of 12.1% from one year ago and a decrease of 1.6% from June. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in July averaged 22 days on the market (DOM), 14 days faster than July 2019.

Forecast: July sales were 37 units, or 4.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 892 sales for the month, while actual sales were 929 units. ACRE forecast a total of 4,963 residential sales year-to-date, while there were 5,173 actual sales through July, a difference of 4.1%.

New Construction: The 248 new homes sold represent 29.3% of all residential sales in the area in July. Total sales increased 15.3% year over year, extending the area’s streak of Y/Y gains in new home sales to 13 consecutive months. The median sales price in July was $262,086, a decrease of 6.7% from June and a decrease of 7% from one year ago.

Click here to view the entire monthly report.

The Huntsville Area Residential Monthly Report is developed in connection with the Huntsville Area Association of Realtors.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
X