These are historic times for the Huntsville real estate market.

The latest report from the Alabama Center for Real Estate shows the average sales price of a Huntsville home last month was $308,551. The price is an all-time high and is a precedent-setting 5.5% increase over February’s average of $292,583.

“Historical data indicates that March average sales prices on average (2016-21) increased by 1.6% from February,” ACRE said in the monthly report. “The current month’s average price increased 5.5% from the prior month.”

The report also showed the local real estate market is still hot as residential sales for March totaled 764 units, representing an increase of 15.2% when compared to the 663 units that were sold a year ago. The increase is nearly 30% more than February’s 589 sales.

“… data indicates that March residential sales on average (2016-20) increase from February by 25.2%,” the report said. “(March) sales increased 29.7% from the prior month.”

It also continues to be a seller’s market as homes were on the market for just 18 days in March and the number of homes available is at an all-time low.

The local inventory is 504 residential units (261 single-family homes; 4 condos; and 239 new construction homes) and there is just a 1 1/2 month’s supply of houses.

“March inventory on average (2016-21) decreased 5.2% from February,” ACRE said. “The current month’s inventory decreased 8.2% from last month’s total of 549 homes.

“March’s 1.5 months of supply is well below the 5-year average of 3.1 months. Huntsville’s inventory-to-sales ratio is 4.5 months below equilibrium, indicating a continued transition where sellers typically have elevated bargaining power.”