Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2012
April sales improved 16% to $130,145,324 vs. March at $112,517,881 This was 41% above last year’s $92,039,477. The twelve month moving average line on the total dollar sales chart is flat, but with a small hook up at the end.
Total unit sales increased 9% to 792 in April vs. 725 in March, an increase of 93. This was 45% favorable to last year at 547.
Note that our projection for April was 744, so the actual results were 6% favorable for the month and less than 1% favorable year to date. (Full spreadsheets and projections (a joint project between ACRE and Brander Real Estate) are available at http://goo.gl/WFHrO) .
New sales were up slightly to 126 this month vs.124 last month.
Used sales increased to 596 this month vs. 505 last month, increasing 91 (Sect E p.3).
Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over 12 months of inventory and over $500,000 have about two or more years of inventory.
New home absorption is 8 months of inventory overall, (with last month at 10 months) (E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months (not bad).
There continue to be a large number of housing permits issued in Huntsville city given the market conditions. For March there were 83, up from 65 in February (chart on the web site).
Total Active listings decreased this month to 8,451 compared to last month’s 8,798, which is below last year at this time at 10,763, with the reduction exaggerated due to month-end expirations.
(Sect A p.4 and Sect E p.3). The reduction in inventory is a good thing.
Active New listings decreased from 1,462 last month to 1,162 in April, down 300. (Sect E p.3). Active Used listings decreased from 7,336 last month to 7,289 this month, down 47 and below last year’s amount at this time of 8,007. (Sect E p.3).
Average Days on Market for Sold New homes was 197 vs.167 days last month, with Used at 149 in April compared with 165 in March (Sect A p.18). Days on Market at or below 6 months, while the inventory numbers are way higher, indicates well priced homes are selling. Sellers, including bank owners, who do not adjust to the new price reality contribute to the buildup of inventory.
Average sales price for Sold New homes was $236,156 vs. $235,148 last month. (Sect A p.2)
Average sales price for Sold Used homes was $145,042 vs. $136,046 last month. (Sect A p.2)
The average price lines for Used homes, which was on an upwards slope for a while, is now on a downward trend. New homes average price seems to be showing some positive direction. Prices for individual properties remain under pressure.