Sales: According to ValleyMLS.com, Huntsville-area home sales totaled 478 units during January, up 7.9 percent from 443 sales in the same month a year earlier. January sales were down 8.8 percent compared to 524 sales in December. Results were 32.4 percent above the five-year January average of 361 sales. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: Homes listed for sale in the Huntsville area during January totaled 1,308 units, a decrease of 28.3 percent from January 2018’s 1,823 units, and a decrease of 7.1 percent from December 2018’s 1,408 units. Huntsville also experienced a year-over-year decline in months of supply. January months of supply totaled 2.7 months, a decrease of 33.5 percent from January 2018’s 4.1 months of supply.
Pricing: The Huntsville median sales price in January was $214,950, an increase of 13.7 percent from one year ago while remaining constant with the prior month. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in January spent an average of 49 days on the market (DOM), a decrease of 35.5 percent from 76 days in January 2018 and no change from December.
Forecast: January sales were 38 units, or 8.6 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 440 sales for the month, while actual sales were 478 units. ACRE forecast a total of 7,542 residential sales in the Huntsville area during 2019, while there were 7,622 sales in 2018.
ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during January spent an average of 106 days on the market, an improvement of 10 days from 2018.
NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
Click here to view the entire monthly report.
The Huntsville-Madison County Residential Monthly Report is developed in conjunction with the Huntsville Area Association of Realtors and ValleyMLS.com to better serve its area consumers.
