April 2013 Market Update



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Huntsville and Madison County is experiencing a healthy real estate market with residential sales up 6 percent through April in a balanced, even market. In April, Huntsville/Madison County there were 412 residential units sold. The 412 units sold in April were 35 more units sold compared to March. However, residential sales slipped nearly 9 percent compared to April 2012.

Supply
In April 2013, the Huntsville housing inventory was 3,052 units. This is a 4.0 percent increase from April of last year. There is currently a 7.4 months’ supply of housing, which means, if there were no new listings on the market it would take approximately 7.4 months to run out of units for sale. This is an increase of 13.8% from April 2012. The direction of supply is consistent with historical data trends that indicate April inventory on average increases from March to April an average of 2.5 percent. Until the market gets an early read on the impact of sequester as it relates to housing demand, keeping a close eye on the levels of future supply will remain important for the market.

Demand

Residential sales in April increased by 9.3 percent compared to March. Existing single family home sales accounted for 75% of total sales, in comparison to 74% in April 2012. New home sales accounted for 22%, down from 24% in April of last year. Lastly, condo sales comprised 3 percent of total sales, up from 2 percent last April. Historical data shows that April sales increase an average of 2.2 percent, so sales were up more than 4 times in 2013.

Pricing
The median selling price in Huntsville for April 2013 has decreased 3.9 percent from April 2012 down to $151,860. This figure also represents a decrease of 3.0 percent compared to March 2013. These decreases go against historical trends. From 2008 – 2012, the average April median selling price increase from the month of March by 0.9 percent. This decrease need not cause alarm, but the wide gap is something we will keep an eye on. A broader lens is appropriate when looking at these numbers due to price fluctuations from month-to-month as the sample size of data is subject to seasonal buying patterns. It would not be uncommon for prices to bounce back favorably in May as consumer behavior transitions to reflect home buying season. However, this year is different from years before due to the wild card that is how the market will respond to the sequester.

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You can view the current monthly Huntsville Residential Report here. If you have any questions about this market report or if you or someone you know has any buying or selling needs, please call me at (256) 799-9000 or send me an email at Amanda@AmandaHoward.com

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