According to ValleyMLS.com, February home sales in the Huntsville area increased 20.6% year-over-year (Y/Y) from 452 to 545 closed transactions. Contrary to seasonal trends, sales increased 44.2% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: February listings (1,755) increased 1.0% from January and increased 24.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 3.6 months in January, and up from 3.1 months in February 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in February was $330,000, a decrease of 1.5% from one year ago and constant from January. 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 February averaged 46 days on the market (DOM), 4 days slower than February 2023.
Forecast: February sales were 103 units, or 23.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 442 sales for the month, while actual sales were 545 units. ACRE forecast a total of 841 residential sales in the area year-to-date, while there were 923 actual sales through April, a difference of 9.8%
New Construction: The 222 new homes sold represent 40.7% of all residential sales in the area in February. Total sales increased 73.4% year-over-year. The median sales price in February was $345,846, an increase of 0.6% from January and an increase of 3.2% from one year ago.
Click here to view the entire monthly report.
