Sales: According to ValleyMLS.com, February home sales in the Huntsville area increased 6.3% year-over-year (Y/Y) from 554 to 589 closed transactions, marking nine consecutive months of Y/Y gains. Following seasonal trends, sales decreased 4.5% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: Homes listed for sale decreased 32.2% year-over-year from 810 to 549 listings. Months of supply decreased from 1.5 to 0.9, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $262,000, an increase of 13.9% from one year ago and an increase of 0.8% from January. 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 February averaged 20 days on the market (DOM), 20 days faster than February 2020.
Forecast: February sales were 88 units, or 13%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 677 sales for the month, while actual sales were 589 units. ACRE forecast a total of 1,323 sales in the area year-to-date, while there were 1,206 actual sales through February, a difference of 8.9%.
New Construction: The 175 new homes sold represent 29.7% of all residential sales in the area in February. Total sales increased 0.6% year-over-year. The median sales price in February was $275,307, a decrease of 5.9% from January 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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.