What has been going on lately in our Huntsville area market? Let’s find out by examining the latest market report.
The market numbers for July 2018 are in, and I wanted you to be the first to see them.
In comparing last year’s statistics to this year, we’re continuing to see an increase in sales and home values, while seeing a decrease in available inventory. Overall, our North Alabama residential sales totaled 735 homes, which represents a 14% year-over-year increase.
We also saw an increase in average sales price, which rose more than 5% year over year to today’s average of $243,000. Additionally, the average list price is also up, having risen more than 6% year over year for a current average of $246,000.
All of that said, how long does it take for these sales to happen? Since last year, the average days on market dropped 32%. Now, area listings are spending a jaw-dropping average of 43 days on the market.
With just 2.5 months’ worth of inventory right now, we are still in a strong seller’s market. This means there are more interested buyers than there are available homes. In other words, now is still a great time to sell.
As for buyers, make sure you act fast. Don’t delay in collaborating with a specialist to submit a strong offer.
For a full breakdown of recent market statistics, check out this convenient chart below.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.