July 2013 Real Estate Market Update for Huntsville, AL
Hello and welcome back to my video blog!
I wanted to give you an update on what’s happening in our local market, as well as statewide.
Guess what? It’s all good news!
In the Huntsville/Madison County sales were up by 33 percent! Statewide they were up by 19 percent! Plus our year-to-date sales are up by 11 percent both in our local market and statewide. Eighty percent of our local market reports a positive sales growth compared to 2012. This is great news for sellers!
Our market is controlled by supply and demand. A balanced market has a six-month supply of inventory. The supply in the Hunstville/Madison County market was 5.6 months in July and new construction was 3.6 months. Our inventory is down by 16.8 percent from July of last year.
Until the market establishes multiple-month trend lines associated with the impact of sequestration, as it relates to housing demand, keeping an eye on levels of future supply will remain important for the market.
Now, let’s talk about price! The median sale price in Huntsville is $180,000, that’s a 1.4 percent increase from July of 2012.
Overall, our market in not only the Huntsville/Madison area, but statewide is fantastic. So, if you are thinking about buying or selling, please get in touch with us. As the #1 real estate team in Alabama, I know we can help you!