Huntsville/North Alabama Area MLS Observations: Real Estate Market January 2013
January sales declined by 3% to $80,412,866 vs. December at $117,434,180. This was even with last year’s $80,657,398 The twelve month moving average line on the total dollar sales chart is heading up.
Total unit sales declined 21% to 524 in January vs. 669 in December, a decrease of 145. This was 3% lower than last year at 539.
Our projections for ACRE and Brander Real Estate for 2013 are not yet complete; we will send them shortly. Early work looks quite encouraging for a continuation of the positive trends experienced last year.
New sales declined to 82 this month vs. 159 last month, down 77.
Used sales decreased to 442 this month vs. 510 last month, down 68 (Sect E p.3).
Used inventory levels remain high this month at 11 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $200,000 are still over 12 months of inventory and over $500,000 have more than two years of inventory.
New home absorption is 9 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 December there were 59, down from 64 in November (chart on the web site).
Total Active listings decreased this month to 7,969 compared to last month’s 8,509, and below last year at this time at 8,339, with the reduction exaggerated due to month-end expirations. (Sect A p.4 and Sect E p.3). The reduction in inventory is a positive thing. The inventory reduction has been good for the last 7 months; hopefully, spring will not bring a dramatic change.
Active New listings decreased from 1,536 last month to 1,329 in January, down 207. (Sect E p.3). Active Used listings decreased from 6,973 last month to 6,640 this month, down 333 and slightly below last year’s amount at this time of 6,986. (Sect E p.3).
Average Days on Market for Sold New homes was 168 vs. 150 days last month, with Used at 162 in January compared with 160 in December (Sect A p.18).
Average sales price for Sold New homes was $239,861 vs. $257,564 last month. (Sect A p.2)
Average sales price for Sold Used homes was $137,430 vs. $149,964 last month. (Sect A p.2)
The average price line for Used homes is going up nicely. New home average prices seems to be showing positive direction as well.