Sales: According to ValleyMLS.com, May home sales in the Huntsville area decreased 16.4% year-over-year (Y/Y) from 795 to 665 closed transactions. Contrary to seasonal trends, sales increased 7.6% from April. Sales are down 19.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: May listings (1,460) increased 5.6% from April and increased 66.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.2 months, which is no change from last month, and up from 1.1 in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in May was $341,000, a decrease of 0.2% from one year ago and an increase of 2.7% 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 34 days on the market (DOM), 26 days slower than May 2022.
Forecast: May sales were 38 units, or 6.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 627 sales for the month, while actual sales were 665 units. ACRE forecast a total of 2,634 sales in the area year-to-date, while there were 2,769 actual sales through May, a difference of 5.1%.
New Construction: The 205 new homes sold represent 30.7% of all residential sales in the area in May. Total sales decreased 4.7% year-over-year. The median sales price in May was $354,900, an increase of 2.0% from April and a decrease of 5.8% 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.
