The price of housing continues to rise in the Huntsville area and houses are on the market for just a little more than two weeks, according to the latest report from the Alabama Center for Real Estate.
The average sales price in Huntsville for October was $284,489, a 14 percent increase from October 2019 and a slight increase over September’s average of $283,868.
“Historical data indicates that October average sales prices on average (2015-19) increase by 1.3 percent from September,” the report said. “The current month’s average price increased 0.2 percent from the prior month.”
The ACRE report also showed houses are on the mark for just 16 days – one less day than September and 15 days less than last October. It is a trend that ACRE said is likely to continue.
“The 5-year days-on-market average (2015-19) for the month of October is 64 days, which is 48 days above current results,” ACRE said. “Average DOM is anticipated to remain within the current range (15 – 65 days) for the foreseeable future.”
The number of houses available also continues to drop compared to a year ago and to this past September.
There were 832 houses listed for sale in October, the report said. It is a 28.7 percent decrease from the 1,167 houses that were available last October and an 8.6 percent drop from the 910 houses on the market in September of this year.
Broken down, there were 410 single-family houses available in October, compared to 778 in October 2019 and the number of new-built houses dropped from 509 in October 2019 to 422 last month. The report showed there were no condos listed for sale last month, compared to 21 a year ago.
“Historical data indicates that October inventory on average (2015-19) decreases 2.3 percent from September,” ACRE said. “The current month’s inventory decreased 8.6 percent from last month’s total of 910 homes.”