The market numbers for April 2018 are in, and I want you to be the first to see them.
On today’s episode of “Monday Morning Coffee,” we are discussing the market numbers for April 2018.
In comparing last year’s stats to this year’s, we’re continuing to see an increase in sales and home values, while seeing a decrease in the available inventory. Our North Alabama residential sales overall totaled 661 homes, which represents an 11% increase in sales compared to the same period last year.
We also saw an increase in the average sales price by more than 6%, coming in at nearly $225,000. Additionally, the average list price for our Huntsville-Madison area is just over 5%, sitting at $228,000.
How long does it take to get a home off the market? Well, the average days on market decreased by 35%, taking us to a jaw-dropping average of 60 days on the market.
We’re currently looking at two months of available inventory, which verifies that we’re still in a strong seller’s market. It also means we continue to have more buyers looking for homes than we have available.
For sellers, this is great news.
Buyers, on the other hand, need to make sure that they’re acting fast and working with a specialist to make their offers strong so that they can win the best homes.
As for the first quarter review, the real estate industry performed at record levels. Sales of residential properties in the first quarter of 2018 increased significantly compared to 2017 and prior years.
New listings of properties for sale have grown at a slower pace compared to the sales, resulting in a continued decline in properties listed for sale. Average and median sales prices continued to rise with the increased number of transactions.
The underlying economic conditions for Madison County are also strong, as shown by the growth in the population workforce, income, and the GDP. With a growing economy, it’s reasonable to expect that the demand for properties should continue to trend upwards.
I’ve also included a detailed breakdown of the market numbers for you in the chart below. To view the entire first quarter report of 2018, please click here.
If you or someone you know is interested in buying or selling a home, please feel free to reach out to us. We’d be happy to help!
This Week’s Closings, Congratulations!
Mr. Devin Rosin
Mr. Neil Desai
Mr. and Mrs. Ross and Dana Metcalf and Ms. Peggy Wilbourn
Mr. Gary D. Joyce
Mr. and Mrs. Donald and Mary Anne Morton
Ms. Conni Sullivan
Ms. Danielle Griffin and Mr. Jeffrey Woodward
Ms. Susan Maples
Mr. Jeffery Graham
Mr. and Mrs. Edward and Carol Aycock
Mr. and Mrs. Greg and Charlotte Thompson
Mr. Charles Franklin
Mr. and Mrs. Joseph and Laura Ferguson
Mr. Jacob Harris
Mr. and Mrs. Phillip and April Shaw
Mr. and Mrs. Franklin and Karen Newsome Jr.
Mr. and Mrs. Bryan and Julie Baldwin
Mr. and Mrs. Terry and Panisha Stigger
Ms. Stephanie Horton
Mr. Brandon Laseter
Ms. Anne Diekmann
Mr. Michael Williams
Ms. Jennifer Williams
Mr. Robert Turner
Mr. and Mrs. Ricky and Maxine Bonta
Mr. Taylor Smith
Mr. Earl Cain
Mr. Matthew Baity and Ms. Amanda Lamartiniere
Ms. Laura McCamy
Mr. and Mrs. Marge and Haley Loveday
Mr. and Mrs. Andrew and Barbara Gallagher
Mr. and Mrs. Ahmad and Farideh Alavi
Mr. and Mrs. Richard and Patricia Carrol
Mr. and Mrs. Thomas and Kelly McInnis
Mr. and Mrs. Ladislaus and Diane Morvay
Mr. and Mrs. Roger and Dolores Stephenson
Mr. and Mrs. Vernon and Marianne Diekmann
Mr. and Mrs. Robert and Darla Mayo
Mr. and Mrs. Michael and Bonnie Chappell
Mr. and Mrs. Robert and Sherry Shepard
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