Sales: According to ValleyMLS.com, Huntsville-area home sales totaled 605 units during November, up 2.5% from 590 sales in the same month a year earlier. November sales were down 14.4% compared to 707 sales in October. Results were 33.1% above the five-year November average of 455 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 November totaled 1,028 units, a decrease of 33.8% from November 2018’s 1,552 units and a decrease of 11.9% from October 2019’s 1,167 units. Huntsville experienced a year-over-year decline in months of supply. November’s months of supply totaled 1.7 months, a decrease of 35.4% from November 2018’s 2.6 months of supply and equal to October 2019’s 1.7 months of supply.

Pricing: The Huntsville median sales price in November was $230,000, an increase of 6% from November 2018 and a decrease of 8.9% from 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 November spent an average of 36 days on the market (DOM), a decrease of 20% from 45 days in November 2018 and an increase of 16.1% from 31 days in October.

Forecast: November sales were 34 units, or 6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 571 sales for the month, while actual sales were 605 units. ACRE forecast a total of 6,965 residential sales in the Huntsville area year-to-date, while there were 7,467 sales through November.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

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 customers.