HUNTSVILLE — September home sales in the Huntsville area decreased 17.4% year-over-year, according to ValleyMLS.com.
The number of sales were down from 753 to 622 closed transactions. Contrary to seasonal trends, sales decreased 1.3% from August and were down 20.7% year-to-date.
Inventory: September listings (1,807) increased 7.7% from August and increased 20.8% from 2022. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up 9.1% from last month, and up 46.2% from September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in September was $325,700, a decrease of 2% from one year ago and a decrease of 1.3% from August. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in September averaged 29 days on the market, 15 days slower than September 2022.
Forecast: September sales were 6 units, or 1.0%, above the Alabama Center for Real Estate’s monthly forecast. ACRE projected 616 sales for the month, while actual sales were 622 units. ACRE forecast a total of 5,305 sales in the area year-to-date, while there were 5,278 actual sales through September, a difference of 0.5%.
New Construction: The 220 new homes sold represent 35.4% of all residential sales in the area in September. Total sales decreased 3.9% year-over-year. The median sales price in September was $337,210, a decrease of 1.2% from August and a decrease of 14.3% from one year ago.
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