Huntsville/North Alabama Area MLS Observations: Real Estate Market February 2013
February sales improved by 19% to $103,565,733 vs. January at $87,011,244. This was up 16% from last year’s $89,518,072 The twelve month moving average line on the total dollar sales chart is heading up.
Total unit sales improved 16% to 652 in February vs. 564 in January, an increase of 88. This was 5% better than last year at 623. Our projections for ACRE and Brander Real Estate for 2013 called for 690 sales in February so we are 5% under that, and year to date volume is 4% lower than our projection. See here http://goo.gl/nytW8 for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area http://goo.gl/GEYWa (see the tabs on the bottom).
New sales improved to 121 this month vs. 102 last month, up 20.
Used sales improved to 531 this month vs. 462 last month, up 69 (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 11 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 January there were 111, (estimate from census dept.), up from 59 in December (chart on the web site).
Total Active listings decreased this month to 8,262 compared to last month’s 8,543, and below last year at this time at 8,389, 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 8 months; we are however beginning to see some spring increase.
Active New listings decreased from 1,549 last month to 1,337 in February, down 212. (Sect E p.3). Active Used listings decreased from 6,994 last month to 6,925 this month, down 69 and slightly below last year’s amount at this time of 7,082. (Sect E p.3).
Average Days on Market for Sold New homes was 167 vs. 168 days last month, with Used at 163 in February compared with 162 in January (Sect A p.18).
Average sales price for Sold New homes was $253,783 vs. $239,108 last month. (Sect A p.2)
Average sales price for Sold Used homes was $137,209 vs. $135,546 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.