North Alabama Residential Real Estate Sales Heading Up For Spring

Huntsville/North Alabama Area MLS Observations: Real Estate Market March 2013

March sales improved by 8% to $117,434,431 vs. February at $108,565,461. This was up 4% from last year’s $113,401,148. The twelve month moving average line on the total dollar sales chart is heading up.

Total unit sales improved 12% to 768 in March vs. 685 in February, an increase of 83. This was 4% better than last year at 741.

Our projections for ACRE and Brander Real Estate for 2013 called for 825 sales in Marchwith  actual results 7% under that, and year to date volume is 4% lower than our projection. See here for an article sumarizing the projections. Here is the spreadsheet with month by month projections by area (see the tabs on the bottom). For the quarter, unit sales were up 6% to 2,019 vs last year 1,903.

New sales decreased to 132 this month vs. 138 last month, down 6.

Used sales improved to 636 this month vs. 547 last month, up 89 (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 $400,000 have more than two years of inventory.

New home absorption is 10 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 February there were 83, (estimate from census dept.), down from 111 in December (chart on the web site).

Total Active listings decreased this month to 8,558 compared to last month’s 8,823, and below last year at this time at 8,568, 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 signs of a spring increase.

Active New listings decreased from 1,558 last month to 1,419 in March, down 139. (Sect E p.3). Active Used listings decreased from 7,265 last month to 7,139 this month, down 126 and slightly below last year’s amount at this time of 7,272. (Sect E p.3).

Average Days on Market for Sold New homes was 200 vs. 167 days last month, with Used at 164 in March compared with 163 in February (Sect A p.18).

Average sales price for Sold New homes was $241,846 vs. $247,828 last month. (Sect A p.2)

Average sales price for Sold Used homes was $134,451 vs. $135,951 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.

TWB 4/13/13


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