Huntsville area home sales, average prices up; inventory down

The number of homes sold in Huntsville was up over a year ago, according to the latest report from the Alabama Center for Real Estate.  The median sales price and average sales price of homes last month also saw an increase over February a year ago.

The report also showed this was a “seller’s market” with a low inventory of homes available.

The residential sales totaled 520 units, representing an increase of 83 transactions from last February’s 437 units. The median sales price for February was $201,050, a 6.7 percent increase over the February 2018 price of $188,500.

Also, the report said sales increased from January but the average and median prices were down.

“Historical data indicates that February residential sales on average (2014-18) increased from January by 8.4 percent,” the report also said. “This month’s sales increased 8.8 percent from the prior month.

“Historical data indicates that February median sales prices on average (2014-18) increased 2.4 percent from January. The current month’s median price decreased 6.5 percent from the previous month.”

The average sales price in Huntsville for February was $235,147, a 7.4 percent increase from one year ago, but it was a drop from January.

“Historical data indicates that February average sales prices on average (2014-18) increase by 3.3 percent from January,” ACRE said. “The current month’s average price decreased 1.1 percent from the prior month.”

The Huntsville area currently has 2 1/2 months of supply, down from 4 months in February 2018.

“February’s 2.5 months of supply is well below the 5-year average of 6.8 months,” the report said. “Huntsville’s inventory-to-sales ratio is 3.5 months below equilibrium, indicating a continued transition where sellers typically have elevated bargaining power.”