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What’s Going on in Our Huntsville Area Market?

What has been going on lately in our Huntsville area market? Let’s find out by examining the latest market report.

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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.

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