Sales: According to ValleyMLS.com, April home sales in the Huntsville area decreased 20.6% year-over-year (Y/Y) from 778 to 618 closed transactions. Contrary to seasonal trends, sales decreased 5.1% from March. Sales are down 20.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: April listings (1,382) decreased 0.8% from March and increased 91.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.2 months, up from 2.1 months in March and up from 0.9 in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $332,057, a decrease of 0.8% from one year ago and an increase of 1.5% from March. 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 April averaged 37 days on the market (DOM), 29 days slower than April 2022.
Forecast: April sales were 37 units, or 6.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 581 sales for the month, while actual sales were 618 units. ACRE forecast a total of 2,007 sales in the area year-to-date, while there were 2,104 actual sales through April, a difference of 4.8%.
New Construction: The 208 new homes sold represent 33.2% of all residential sales in the area in April. Total sales decreased 12.8% year-over-year. The median sales price in April was $347,857, a decrease of 1.4% from March and a decrease of 4.4% 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.