Huntsville, AL Real Estate Market Update August 2013
Hello, everyone. Welcome back to our video blog.
We just got our August numbers in and it’s great news! We have a stable market!
In the Huntsville/Madison County area, residential sales improved by 8.2 percent from last August. The year-to-date sales are ahead by 10.5 percent from this time last year.
If you recall, for the past few months we’ve had low inventory. The supply of homes has increased by six percent from August of last year, making inventory 5.6 months. A balanced market is six months of inventory.
Property values have also increased. The median sale price for August of this year was $173,000, a decrease of 2.4% from last year. This is also a decrease of 3.8% from July of this year. Historical data shows that on average sales decrease from July to August by 4.5 percent. So, we are still higher than the monthly average.
In summary we have a stable market with increased home sales. As always, if you have any questions about your neighborhood, please don’t hesitate to call.