Huntsville/North Alabama Area MLS Observations: Real Estate Market June 2013
June sales improved by 5% to $161,771,359 vs. May at $154,298,298. This was up 7% from last year’s $150,559,136. The twelve month moving average line on the total dollar sales chart is heading up. It is good to see robust sales in the peak selling month.
Total unit sales improved 2% to 949 in June vs. 928 in May, an increase of 21. This was 6% better than last year at 892.
Our projections for ACRE and Brander Real Estate for 2013 called for 995 sales in June with actual results 5% under that, and year to date volume is 3% 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 increased to 160 this month vs. 121 last month, up 39.
Used sales decreased to 789 this month vs. 807 last month, off 18 (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, and this has been climbing)(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 ofhousing permits issued in Huntsville city given the market conditions. For May there were 113, up from 83 in April (chart on the web site).
Total Active listings decreased this month to 9,100 compared to last month’s 9,563, and below last year at this time at 9,049, 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 9 months; we are however seeing signs of a summer increase.
Active New listings decreased from 1,619 last month to 1,365 in June, down 254. (Sect E p.3). Active Used listings decreased from 7,944 last month to 7,735 this month, down 209 and slightly below last year’s amount at this time of 7,795. (Sect E p.3).
Average Days on Market for Sold New homes was 148 vs. 160 days last month, with Used at 145 in June compared with 166 in May (Sect A p.18).
Average sales price for Sold New homes was $236,566 vs. $241,249 last month. (Sect A p.2)
Average sales price for Sold Used homes was $157,061 vs. $155,027 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.