Huntsville/North Alabama Area MLS Observations: Real Estate Market May 2013
May sales improved by 27% to $152,023,248 vs. April at $119,573,006. This was up 6% from last year’s $142,987,716. The twelve month moving average line on the total dollar sales chart is heading up. It is good to see sales pick up in the main selling season..
Total unit sales improved 15% to 916 in May vs. 795 in April, an increase of 121. This was 5% better than last year at 874.
Our projections for ACRE and Brander Real Estate for 2013 called for 927 sales in May with actual results 1% under that, and year to date volume is 2% 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 121 this month vs. 127 last month, down 6.
Used sales increased to 795 this month vs. 668 last month, up 127 (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 9 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 April there were 83, up from 100 in March (chart on the web site).
Total Active listings decreased this month to 8,864 compared to last month’s 9,527, and below last year at this time at 9,006, 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 summer increase.
Active New listings decreased from 1,667 last month to 1,364 in May, down 303. (Sect E p.3). Active Used listings decreased from 7,860 last month to 7,500 this month, down 360 and slightly below last year’s amount at this time of 7,706. (Sect E p.3).
Average Days on Market for Sold New homes was 160 vs. 165 days last month, with Used at 166 in May compared with 166 in April (Sect A p.18).
Average sales price for Sold New homes was $241,249 vs. $233,622 last month. (Sect A p.2)
Average sales price for Sold Used homes was $154,506 vs. $134,585 last month. (Sect A p.2)
The average price line for Used homes is going up. New home average prices seems to be showing positive direction as well.