Sales: According to ValleyMLS.com, May home sales in the Huntsville area increased 3.9% year-over-year (Y/Y) from 719 to 747 closed transactions, marking 12 consecutive months of Y/Y gains. Following seasonal trends, sales increased 1% from April. Sales are now up 8.5% 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 58.3% year-over-year from 1102 to 460 listings which was a record low. Months of supply decreased from 1.5 to 0.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in May was $280,471, an increase of 14.24% from one year ago and a decrease of 0.91% from April. 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 May averaged 9 days on the market (DOM), 20 days faster than May 2020.
Forecast: May sales were 165 units, or 18.12%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 912 sales for the month, while actual sales were 747 units. ACRE forecast a total of 3,908 sales in the area year-to-date, while there were 3,457 actual sales through May, a difference of 11.54%.
New Construction: The 210 new homes sold represent 28.1% of all residential sales in the area in May. Total sales decreased 7.1% year-over-year. The median sales price in May was $312,400, an increase of 4.2% from April and an increase of 12.4% 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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.