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The February market report is in for the Huntsville area and Madison County real estate with some favorable comparisons; demonstrating key changes in market conditions. These changes highlight different trends and statistics over the course of a year (February 2013 – February 2014), and also within the span of January to February of this year.
To start off with, residential sales rates have risen 6.1% from January, and have slightly decreased from the sales rates of February 2013. While annual decreases in sales rates can be concerning if there is significant disparity, I believe most (if not all) of the decrease from last February can be attributed to the unforeseen layover of winter conditions and lingering snow that acts as a natural deterrent for home buyers.
Other notable changes in market activity include a 2% monthly decrease in new homes sales, which was complimented by an increase in permits, meaning that while the sales rate for new homes is slightly diminished, the increase in permits indicates an eminent rise within the near future.
Contrary to the new home sales rate, we did observe an increase of 4.1% with existing single family homes, which will concurrently improve with the weather as we progress further into the spring season. This outlook is especially encouraging, considering the number of existing home sales comprises a drastically larger proportion of our total home sales relative to new homes and condos.
While our median home set price has dropped to $156,400 from both an annual and monthly standpoint, the average home value (of central importance) still remains well within the desired range of $180,000.
Another reputable source for housing statistics called The National Housing Survey, has released more reassuring news for the real estate community. According to the report I cite in my video, the National Housing Survey has published new stats showing a 50% increase in confidence from home buyers pertaining to the statement, “it is easy to get a home loan right now”. Adhering to the principle that home sales rise with consumer confidence, this news provides an exciting sense of foreboding for upcoming real estate markets.
Hopefully this report is informative and functions as an effective indicator of market activity in the ensuing months. Remember, we have connections to top agents across the nation!
This is a positive sign for the entire nation and a very positive sign for us locally. If you have any questions regarding the real estate market, don’t hesitate to reach out to us. Remember, we have connections to top agents across the nation! Thanks and have a great day!