Sales: According to ValleyMLS.com, February home sales in the Huntsville area decreased 21.3% year-over-year (Y/Y) from 574 to 452 closed transactions. Following seasonal trends, sales increased 18.0% from January. Sales are down 24.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: February listings (1,405) decreased 5.9% from January and increased 175.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.9 months in January and up from 0.9 in February 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The median sales price in February was $335,000, an increase of 3.4% from one year ago and an increase of 6.4% 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 36 days on the market (DOM), 25 days slower than February 2021.
Forecast: February sales were 14 units, or 3.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 438 sales for the month, while actual sales were 452 units. ACRE forecast a total of 871 sales in the area year-to-date, while there were 835 actual sales through February, a difference of 4.1%.
New Construction: The 128 new homes sold represent 28.3% of all residential sales in the area in February. Total sales decreased 41.8% year-over-year. The median sales price in February was $335,000, a decrease of 8.8% from January and a decrease of 4.1% 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.
