According to ValleyMLS.com, November home sales in the Huntsville area decreased 10.9% year-over-year (Y/Y) from 533 to 475 closed transactions. Contrary to seasonal trends, sales decreased 8.5% from October. Sales are down 19.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: November listings (1,856) decreased 1.4% from October and increased 13.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up 7.8% from last month, and up 27.7% from November 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 November was $322,877, a decrease of 2.4% from one year ago and a decrease of 5.0% from October. 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 November averaged 33 days on the market (DOM), 17 days slower than November 2022.
Forecast: November sales were 49 units, or 9.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 524 sales for the month, while actual sales were 475 units. ACRE forecast a total of 6,418 sales in the area year-to-date, while there were 6,272 actual sales through November, a difference of 2.3%.
New Construction: The 163 new homes sold represent 34.3% of all residential sales in the area in November. Total sales decreased 5.2% year-over-year. The median sales price in November was $354,000, a decrease of 5.1% from October and a decrease of 1.8% 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.
