In the midst of the pandemic, people continue to look for and buy houses in the Huntsville area. But the number of houses available continues to dwindle.
The latest figures from the Alabama Center for Real Estate bear that out.
There were 874 houses sold in Huntsville last month, a 28.7 percent increase over the 679 houses sold in September 2019, ACRE said in its monthly report.
Huntsville’s inventory of houses listed for sale in September decreased by 316 when compared to the same period last year. The number also decreased from 963 houses in August to 910 houses available in September – a 5.5 percent drop. The houses available included 478 existing single-family residences, 426 “new builds” and six condos. In September 2019, there were 1,226 houses available.
“Historical data indicates that September inventory on average (2015-19) decreases 1.5 percent from August,” according to the ACRE report. “The current month’s (September) inventory decreased 5.5 percent from last month’s total of 963 homes.”
For home sales, the increase is magnified by the quarterly comparison, as well. Residential sales for the third quarter of 2020 totaled 2,621 units, representing an increase of 11.5 percent when compared to 2,350 units that were sold in the third quarter of 2019.
The number of houses sold in September is also an increase over August’s 818 residential sales, which is out of the norm.
“Historical data indicates that September residential sales on average (2015-19) decrease from August by 9.2 percent,” the report said. “This month’s (September) sales increased 6.8 percent from the prior month.”
However, the median sales price for homes in September – while up over a year ago by 12.8 percent – were down from August by 4.6 percent. In September, the median sales price was $251,432; August’s median sales price was $263,640.
“Historical data indicates that September median sales prices on average (2015-19) decrease 0.9 percent from August,” the ACRE report said. “The current month’s median price decreased 4.6 percent from the previous month.”
The average sales price was also down from September to August, which is normal, but just by 1 percent.
“Historical data indicates that September average sales prices on average (2015-19) decrease by 2.9 percent from August,” the report said. “The current month’s average price decreased 1 percent from the prior month.”
Houses are also on the market for just 17 days in September, a drop from 18 days in August and a decrease of 17 days from 34 in September 2019.
“Average days on the market is anticipated to remain within the current range (15 – 65 days) for the foreseeable future,” ACRE said.