Sales: According to ValleyMLS.com, October home sales in the Huntsville area decreased 1.7% year-over-year (Y/Y) from 839 to 825 closed transactions, breaking 16 consecutive months of Y/Y gains. Sales also decreased 11.8% from September. Sales are 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: October listings (756) decreased 1.3% from September and 9.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 0.9 months, up from 0.8 in September and down from 1 month in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in October was $296,000, an increase of 17.3% from one year ago and an increase of 2.5% 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 8 days on the market (DOM), a continued record low and 8 days faster than October 2020.
Forecast: October sales were 19 units, or 2.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 806 sales for the month, while actual sales were 825 units. ACRE forecast a total of 8,420 sales in the area year-to-date, while there were 7,964 actual sales through October, a difference of 5.4%.
New Construction: The 240 new homes sold represent 29.1% of all residential sales in the area in October. Total sales increased 5.7% year-over-year. The median sales price in October was $343,740, an increase of 12.7% from September and 23.5% 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, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
