Sales: According to ValleyMLS.com, January home sales in the Huntsville area increased 5.7% year-over-year (Y/Y) from 584 to 617 closed transactions, marking 8 consecutive months of Y/Y gains. Following seasonal trends, sales decreased 28.8% from December. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: Homes listed for sale decreased 30% year-over-year from 849 to 594 listings. Months of supply decreased from 1.5 to 1.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in January was $260,000, an increase of 13.5% from one year ago and a decrease of 1.2% from December. 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 January averaged 18 days on the market (DOM), 26 days faster than January 2020.
Forecast: January sales were 29 units, or 4.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 646 sales for the month, while actual sales were 617 units.
New Construction: The 170 new homes sold represent 27.6% of all residential sales in the area in January. Total sales decreased 2.9% year-over-year. The median sales price in January was $292,458, a decrease of 6.7% from December and an increase of 3.3% 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 January 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.
