According to ValleyMLS.com, March home sales in the Huntsville area decreased 17.7% year-over-year (Y/Y) from 651 to 536 closed transactions. Contrary to seasonal trends, sales decreased 1.7% from February. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: March listings (1,814) increased 3.4% from February and increased 30.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, up from 3.2 months in February, and up from 2.1 months in March 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 March was $320,495, a decrease of 2.9% from one year ago and a decrease of 2.9% from February. 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 March averaged 46 days on the market (DOM), 11 days slower than March 2023.
Forecast: March sales were 119 units, or 18.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 655 sales for the month, while actual sales were 536 units. ACRE forecast a total of 1,496 residential sales in the area year-to-date, while there were 1,459 actual sales through April, a difference of 2.5%.
New Construction: The 202 new homes sold represent 37.7% of all residential sales in the area in March. Total sales decreased 2.9% year-over-year. The median sales price in March was $329,185, a decrease of 4.8% from February and a decrease of 6.7% from one year ago.
Click here to view the entire monthly report.
