Huntsville/North Alabama Area MLS Observations: Real Estate Market April 2013
April sales declined by .5% to $119,158,106 vs. March at $119,792,661. This was off 10% from last year’s $132,509,353. The twelve month moving average line on the total dollar sales chart is heading up but showing some weakness. I suspect that sequester fears and reality are affecting the Huntsville market.
Total unit sales improved .6% to 790 in April vs. 785 in March, an increase of 83. This was 5% worse than last year at 829.
Our projections for ACRE and Brander Real Estate for 2013 called for 817 sales in April with actual results 7% 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 decreased to 126 this month vs. 137 last month, down 11.
Used sales decreased to 664 this month vs. 648 last month, down 16 (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-$500,000 is approximately 5-6 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 100, up from 83 in February (chart on the web site).
Total Active listings decreased this month to 8,841 compared to last month’s 9,213, and below last year at this time at 8,961, 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 seeing some signs of a spring increase.
Active New listings decreased from 1,651 last month to 1,409 in April, down 242. (Sect E p.3). Active Used listings decreased from 7,562 last month to 7,432 this month, down 130 and slightly below last year’s amount at this time of 7,620. (Sect E p.3).
Average Days on Market for Sold New homes was 165 vs. 200 days last month, with Used at 166 in April compared with 164 in March (Sect A p.18).
Average sales price for Sold New homes was $234,235 vs. $241,395 last month. (Sect A p.2)
Average sales price for Sold Used homes was $135,007 vs. $133,830 last month. (Sect A p.2)
The average price line for Used homes is going up but now showing some weakness. New home average prices seems to be showing positive direction as well.