HUNTSVILLE – News has been positive for area buyers this spring with a dramatic rise in homes hitting the market.
According to the Huntsville Area Association of Realtors, listings surged with a 30.9% increase for single-family homes and a 92.5% rise for townhouse/condo homes last month. This influx of new properties provided more options for prospective buyers during the peak spring buying season, the organization said.
“The spring market has brought a welcome surge in new listings, giving buyers more choices,” said Kurtis Krueger, CEO of Huntsville Area Association of Realtors and ValleyMLS. “However, with demand still outpacing supply, the market remains highly competitive.”
The ValleyMLS.com coverage area comprises nine counties: Madison, Morgan, Lawrence, Limestone, Dekalb, Etowah, Cherokee, Jackson and Marshall.
Median sales price reflects the competitive nature of the market. The median price for single-family homes increased by 3.3% to $310,000 in North Alabama, and townhouse/condo homes saw an 8.2% rise to $265,000.
Homes are selling faster, with the average days on market for single-family homes increasing by 22 percent, reaching 33 days. Townhouse/condo homes experienced a notable 211.8 percent rise in days on market, now averaging 38 days.
Key highlights
- Pending Sales rose 9.8% for Single-Family Homes and 1.7% for Townhouse/Condo Homes.
- Inventory grew 32.2% for Single-Family Homes and skyrocketed by 143.6% for Townhouse/Condo Homes.
- Days on Market rose 31.6% for Single-Family Homes and 225% for Townhouse/Condo Homes in Huntsville/Madison County.
- Months’ Supply of Inventory increased 39.1% for Single-Family Homes and 170% for Townhouse/Condo Homes in Huntsville/Madison County.
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