According to ValleyMLS.com, October home sales in the Huntsville area decreased 17.6% year-over-year (Y/Y) from 630 to 519 closed transactions. Contrary to seasonal trends, sales decreased 16.6% from September. Sales are down 20.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: October listings (1,882) increased 4.2% from September and increased 14.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up 24.8% from last month, and up 39.0% from October 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 October was $339,900, an increase of 1.5% from one year ago and an increase of 4.4% 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 31 days on the market (DOM), 17 days slower than October 2022.
Forecast: October sales were 70 units, or 11.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 589 sales for the month, while actual sales were 519 units. ACRE forecast a total of 5,894 sales in the area year-to-date, while there were 5,797 actual sales through October, a difference of 1.7%.
New Construction: The 153 new homes sold represent 29.5% of all residential sales in the area in October. Total sales decreased 17.7% year-over-year. The median sales price in October was $332,845, an increase of 10.6% from September and a decrease of 6.8% 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.
