June 2013 Huntsville Housing Market Update

    Hello! Welcome to my video blog! Today, I wanted to share some quick marketplace numbers that we compiled from our own facts, as well as through the Alabama Center of Real Estate.

    Our Huntsville/Madison County area residential sales for June of this year are up 12% compared to June of last year. The inventory to sales ratio stood at a six month housing supply, reflecting a decrease form 6.5 months from this time last year. The market balance between supply and demand is considered be six months, so this is great news!

    A breakdown of the current Huntsville sales shows that 74% of all sales were from existing single family homes. New homes accounted for 22% while condos made up just 4% of sales.

    The Huntsville median sale price was $168,000 which is a decrease of about 4% last year; however, this figure was unchanged from last month.

    A couple other notable market statistics are new home sales in Alabama posted a 12% gain in May and year-to-date housing starts are up 12%. This is the first time since the downturn that every metro area in our state of Alabama hasn’t experienced an increase in new home sales.

    Great news for our neighboring counties, Limestone and Athens! They experienced a 15% gain in June of this year!

    Now, let’s talk about regaining equity. According to the June edition of the Core and Logic market polls, since the last quarter of 2011, 2.4 million underwater borrowers have benefitted from the gain in housing prices! Regaining equity creates options for those who might now be considering selling their home because they can close a transaction with enough cash to make a down payment on the next home!

    I hope you find these stats and figures to be helpful and until next time continue to keep watch here at www.AmandaHowardRealEstate.com or give us a call at 256.799.9000!

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