Huntsville Ranked Among the Best Cities – What’s In Store for the Real Estate Market?

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Now that the election is over we can sit back and let out all that pent up energy about the housing market. For sellers that had been on the fence wondering what might happen if our President changed and for buyers unsure of the impact on our economy, the news is good and bad.

Sales Up, DOM Steady and Inventory Slowly Moving Downward
The good news is that we are seeing an upward swing in selling trends considering year over year numbers from 2012 vs. 2011 and 2011 vs. 2010. In fact, we reported an 11% incline in local sales this year. The number of days on market is holding fairly steady with just four days fewer to sell a home than the same time last year but our inventory levels are going down. Currently we have 1.9 fewer months of inventory on hand year over year.

These factors point to a positive incline of stability. And when you consider the fact that our city ranks high on many lists among the nation, we can count on an even stronger economy ahead.

Not so good is our unemployment rate, which while is lower than the state and national levels, is still fairly high. If the Obama Administration decides to implement budget cuts then the impact could be a harsh one on our economy. Approved budget cuts would likely result in many people selling their homes.  

Market Statistics for Madison and Limestone Counties
Here are some more statistics to help you see how our marketplace is performing in November 2012:

October 2012 homes sold were 472 with a median price of $163,600 versus the same time last year with 387 sold homes and a median price of $164,085.  Inventory levels have also changed year over year as mentioned above, with 1.9 months fewer homes on the market this year. Sales are up year over year as well.

Great Things Can Be Expected Ahead
In this State of the City address, Mayor Tommy Battle speaks of a great time for the City of Huntsville with much to look forward to. And just look at the list of media recognition our great city has received from Kiplinger’s to CNN Money Magazine, The Washington Times, USA Today and more. Even Forbes mentions Huntsville as one of the nation’s top best places for business and career.

We have so many exciting new developments coming to the area with a host of new projects including a fantastic downtown master plan for John Hunt Park that is community driven with room for input by residents at 
As always, I invite you to contact me should you have any real estate needs at all. We’d love to help make your real estate dreams become a reality!

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