The Huntsville Real Estate Market set a record pace throughout 2019, ending the year on a high note, according to a report released today.
The Huntsville Area Association of Realtors’ Fourth Quarter Real Estate Economic Report, conducted by the University of Alabama in Huntsville, found sales grew by more than 15 percent compared to the same quarter in 2018, with 1,995 homes sold in the quarter.
“We witnessed major growth in our industry last year, as more choose to make Madison County their home,” said HAAR President Sha Jarboe. “While this is great news for our city and industry, it also presents challenges as inventory reached historic lows in December with less than 1,000 available homes for sale.
“This report reinforces the need for attainable housing in our area and, as community advocates, Realtors stand ready to work with our local builders to make sure they have the skilled labor they need to meet our area’s construction needs. We also look forward to our continued collaboration with local leaders to support sensible laws that support the American dream of homeownership.”
Here are some key takeaways from the report:
- Prices of homes sold continued to rise significantly from 2018. Median sales price rose 11 percent to $239,643 and average sales price increased 7 percent to $258,014. The price escalation can be seen in the decline in the number of homes sold in the less-than $150,000 homes and significant increases in the $200,000-$250,000 (20.5 percent) and the greater-than-$350,000 range (18.5 percent).
- Average monthly pending sales rose to 456, up 16.6 percent from the 2018 fourth-quarter level.
- Inventory of homes available for sale fell to the lowest level since 2001 with only 993 homes listed at year’s end.
- The average days on market for the quarter was 35 days, down from 38 in the third quarter and from 48 in the fourth quarter 2018. At this level of sales, there was an average of only 1.3 months of supply during the quarter.
For information and to see the full report and other reports, visit haar.realtor.