Analysis from ATTOM Data Solution shows that, nationally, May has historically been the best month for selling a home, with an average premium of 12.8% above list price when selling during that month. June is the second-highest average month for home sellers, with an average premium of 10.7%.

With that said, statistics compiled by the Huntsville Area Association of Realtors (HAAR), covering for the week ending May 15, demonstrate that residential real estate sales are continuing their gradual increase that we saw during the month of April.

Pending sales of single-family units in Madison County picked up by 0.7% during the central week of May, while townhouse/condo units saw a much more substantial increase of 11.1%. While inventory continued to increase, by 59.6% for single-family units and 3.1% for townhouses, new listings on the market actually declined.

New listings for single-family units decreased by 16%, while townhouses decreased by 30.8%.

This is indicative of a continued reluctance on the part of existing homeowners to list their current homes on the market, due to the elevated interest rates and the widespread desire to maintain the lower rates on their current mortgages.

When taken together, this means that those who are willing to list a home up for sale – perhaps a second property – could find themselves very much in the midst of a seller’s market, able to negotiate significantly higher premiums for meeting the continued elevated demand for housing in Madison County.

As always, the Huntsville Business Journal strongly recommends consulting with professional realtors and financial officers before deciding to buy or sell property. We will continue to report on the real estate market, and keep its readership informed of new developments.