Sales: According to ValleyMLS.com, March home sales in the Huntsville area decreased 17.1% year-over-year (Y/Y) from 785 to 651 closed transactions. Following seasonal trends, sales increased 44.0% from February. Sales are down 21.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: March listings (1,393) decreased 0.9% from February and increased 171.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, down from 3.1 months in February and up from 0.7 in March 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 March was $329,900, a decrease of 0.9% from one year ago and a decrease of 1.5% from February. 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 March averaged 35 days on the market (DOM), 26 days slower than March 2022.
Forecast: March sales were 97 units, or 17.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 554 sales for the month, while actual sales were 651 units. ACRE forecast a total of 1,426 sales in the area year-to-date, while there were 1,486 actual sales through March, a difference of 4.2%.
New Construction: The 208 new homes sold represent 32.0% of all residential sales in the area in March. Total sales decreased 13.0% year-over-year. The median sales price in March was $352,842, an increase of 5.3% from February and a decrease of 3.6% 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.
