Huntsville-area home sales up 29% year-over-year in September

Sales: According to ValleyMLS.com, September home sales in the Huntsville area increased 28.7% year-over-year from 679 to 874 closed transactions. Sales increased 6.9% from August and are now up 8.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Huntsville-area housing data, click here.

Inventory: Homes listed for sale decreased 25.8% from 1,226 to 910 listings. Months of supply decreased from 1.8 months to 1, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in September was $251,432, an increase of 15.3% from one year ago and a decrease of 4.6% from August. 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 September averaged 17 days on the market (DOM), selling 17 days faster than in September 2019.

Forecast: September sales were 101 units, or 13.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 773 sales for the month, while actual sales were 874 units. ACRE forecast a total of 6,816 residential sales year-to-date, while there were 6,655 actual sales through September, a difference of 2.4%.

New construction: The 244 new homes sold represent 27.9% of all residential sales in the area in September. Total sales increased 35.6% year-over-year. The median sales price in September was $260,405, a decrease of 1.6% from August and an increase of 6.5% 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.

Editor’s note: All information in this article reflects data provided to the Alabama Center for Real Estate for Sept. 1-30. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.

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