Huntsville and Madison County Real Estate: March Market Update

Hello, and welcome back to our video blog! I hope you enjoyed a wonderful Easter yesterday. Spring is finally here and we’re looking forward to the beautiful weather ahead. We recently received our market report for March and I want to share this with you today:

In the Huntsville/Madison County area, residential sales totaled 386 units for the month of March. This was an improvement of almost 16 percent from February! This also represents an increase in sales growth of 2.4 percent compared to last March.

Housing inventory had an increase of 73 units from last March which totaled 3,009 units. This is the first time since 2011 that inventory hit the 3,000 mark. New home inventory is down 11.4 percent year-over-year while existing single family is up 5.3 percent. The inventory-to-sales ratio in March was 7.8 months of housing supply which is right on track, since the market equilibrium is considered to be approximately 7 months during March.

A breakdown of the current Huntsville sales shows that 70% of all sales were from existing single family homes. New homes accounted for 28 % while condos were 2 % of sales.

The Huntsville median selling price in March was $164,900, an increase of 5.4 percent from March 2013 and last month.

Overall, our market in the Huntsville/Madison area is doing very well. If you are thinking about buying or selling, please don’t hesitate to reach out to any of us here at Amanda Howard Real Estate!  I hope you find these stats and figures to be helpful and until next time continue to keep watch here at AmandaHowardRealEstate.com or give us a call at 256.799.9000!