Sales: According to ValleyMLS.com, October home sales in the Huntsville area increased 18.7% year-over-year from 707 to 839 closed transactions. Sales decreased 4% from September and are now up 9.2% 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 28.7% from 1,167 to 832 listings. Months of supply decreased from 1.7 to 1.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in October was $252,440, which is no change from one year ago and an increase of 0.4% from September. 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 October averaged 16 days on the market (DOM), 15 days faster than October 2019.
Forecast: October sales were 106 units, or 14.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 733 sales for the month, while actual sales were 839 units. ACRE forecast a total of 7,549 residential sales year-to-date, while there were 7,494 actual sales through October, a difference of 0.7%.
New Construction: The 227 new homes sold represent 27.1% of all residential sales in the area in October. Total sales increased 15.8% year over year. The median sales price in October was $278,405, an increase of 6.9% from September and a decrease of 1.9% 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 October 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.