HUNTSVILLE – While spring is regarded as the best time of year to sell a house, late spring into summer is also a peak time for the buying market. With the former nearly a month old, the peak real estate period should be unfolding in the North Alabama region.
And, according to the Huntsville Area Association of Realtors’ monthly report, March’s performance left signs pointing to a positive market moving forward.
New listings for single family homes are down 25.9% year-over-year, despite rising 5.6% from March 2023.
Meanwhile, homes are on the market longer, up seven days from last year to 48 days, allowing buyers and sellers more leeway to find their ideal home without concessions, the association said.
Homes for sale jumped by 21.8% across all property types within the nine counties covering ValleyMLS.com.
The rebound comes amidst fluctuating mortgage rates and elevated sales prices. Despite these challenges, buyer demand remains strong as the market heads into the spring selling season.
“March’s impressive numbers reflect a market that is primed for a busy Spring selling season,” said Kurtis Krueger, CEO of HAAR and ValleyMLS. “Home sales continue to keep Realtors busy, despite mortgage rates continuing to fluctuate. This is good news for both buyers and sellers — there are still plenty of chances to find the right home or make a good sale.
“We feel positive about where the market is headed.”
Key highlights from last month:
- Pending sales rose 10.6% for Single Family homes and 1.9% for townhouse/condos.
- Inventory grew 18.5% for single family homes and 91.1% for townhouse/condos.
- Days on the market rose 17.1% for single family homes and 156.3% for townhouse/condos.
- Months’ supply of inventory increased 24% for single family homes and 95.8% for townhouse/condos.
The nine-county ValleyMLS coverage area is Madison, Morgan, Lawrence, Limestone, Dekalb, Etowah, Cherokee, Jackson, and Marshall counties.
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