Huntsville/North Alabama Area MLS Observations: Residential Real Estate Market February 2010
February sales increased 8% to $85,720,785 vs. January $79,018,442. This was 15% above last year of $74,485,153. The twelve month moving average line on the total dollar sales chart is pretty flat, which is an encouraging sign for the future.
Total unit sales increased from 500 in January to 539 in February, an increase of 39.
New sales increased from 101 homes last month to 109 this month, an increase of 8.
Used sales increased from 399 homes last month to 430 this month, an increase of 31 (Sect E p.3).
Used inventory levels remain high at 11 months with the situation particularly challenged in the higher price ranges. Used homes over $200,000 are still over a year of inventory. Over the last five months we are seeing a reduction in the number of active listings. Prices continue to be pressured, although average prices seem to have stabilized somewhat.
New homes are at 7 months of inventory overall, and homes priced under $100,000, are at 20 months of inventory. Greater than $500,000 are over two year’s worth of inventory. (E-1).
Total Active listings decreased by12% this month to 7,316 compared to last month’s 8,142, which is 17% below than last year at this time, at 8,626 (Sect A p.4 and Sect E p.3). For the 1st time in a while New homes sales were more than New home New listings (good news). (Sect B p.1). Active New listings decreased from 1,317 last month to 1,077 in February, down 240. (Sect E p.3). Active Used listings decreased from 6,825 last month to 6,239 this month, down 586. This is below last year’s amount at this time of 7,084. (Sect E p.3).
Absorption for New homes was 7 months of inventory in February. This is better than 8 months in January and 10 months last year at this time (Sect E p.8). Absorption for Used homes was 11 months of inventory in February, which is about even with last month at 12, and last year’s 12 months (Sect E p.8).
Average Days on Market for Sold New homes was 200 vs. 154 days last month, with Used at 177 in February compared with 168 in January (Sect A p.18).
Average sales price for Sold New homes was $228,554 vs. $212,534 last month. (Sect A p.2)
Average sales price for Sold Used homes was $141,415 vs. $144,242 last month. (Sect A p.2)
Since I make it a point to get the report out the Monday prior to the 15th, and this month the 15th falls on a Tuesday, we are a little early this month which means there will be a modest upwards adjustment of sales as late ones are reported next month.