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Area Housing Market Builds on Summer Success; Sales, Prices Up; Inventory Continues to Dwindle

The Huntsville area housing market continues to show its resilience in the wake of the pandemic.

The number of house sales and prices in the third quarter increased over the third quarter last year while the number of available houses continues to fall, compared to the same period in 2019.

The latest quarterly Huntsville Area of Real Estate Economic Report by the Huntsville Area Association of Realtors illustrates the strength of the local market.

“This summer, we reported a successful quarter through the pandemic largely because of the responsible and dedicated work of our Realtor members in our communities,” said HAAR President Sha Jarboe.“Our latest report shows higher-than-usual sales activity for this time of a typical year. We are thankful for our partnership with the UAH College of Business to offer this analysis to the public.”

According to the report:

  • Residential real estate prices continue to rise while the number of homes sold remains at a record level. The median sales price climbed to $254,991 in the third quarter of this year, some $33,193 above the median sales price of $221,798 in the third quarter of 2019. Meanwhile, there were 2,621 houses sold with 759 sales pending compared to 2,250 sales and 595 pending in the third quarter last year.
  • Inventory continues to register at historic lows, falling in every price range this quarter. There were 910 houses available at the end of the third quarter.  There were 926 homes available at the end of June (second quarter) and 1,226 at the end of the third quarter 2019. Of the homes available, there were only 40 homes priced below $150,000.  The greatest number of homes listed for sale was 227 in the $350,000-$500,000 price range.  The $200,000-$250,000 price range had the second most with 170 homes listed which was down from 207 homes in the second quarter.
  • Houses stayed on the market for less than three weeks (a record low of 19 days) in the third quarter, half as long as this time last year.
  • Months of Supply fell to less than one month (24 days) compared to nearly two months at the end of the third quarter in 2019.
  • 17 homes valued more than $800,000 were sold in September 2020, contributing to a monthly sales total double that of any other month since 2010 when this data was first recorded by UAH.

 

 

Realtors Host Webinars on Property Vacancy, Abandonment

The Huntsville Area Association of Realtors is engaged in efforts to connect local officials with national policy experts to drive conversations on property vacancy and abandonment prevention. Stabilizing and Revitalizing Neighborhoods in the COVID-19 Era, a multipart series hosted by the National Association of Realtors, is bringing together Realtors and policymakers from across the country to highlight systems that affect vacancy and abandonment and to discuss early intervention strategies that can be employed in the aftermath of the COVID-19 pandemic.

“Several Madison County neighborhoods have faced tremendous stress and economic pressure as a result of this pandemic, and the Huntsville Area Association of Realtors have made it their mission to ensure our community can rebuild and recover as quickly as possible,” said Sha Jarboe, HAAR President “These educational opportunities ensure our members can lead conversations to solve our region’s most complex problems.”

The series is part of NAR’s Transforming Neighborhoods program, which offers Realtors – alongside local community partners – the opportunity to comprehensively explore the underlying factors keeping vacant, abandoned and deteriorated properties “stuck” in decline while examining ways to rehabilitate buildings and create more vibrant communities.

 Visit this link for registration and other information on the webinar series, which is scheduled as follows: Code Enforcement – A Tool for Preventing Vacancy and Abandonment,  Aug. 25; 1 p.m.; Transferring Vacant and Abandoned Properties, Sept. 1, 1 p.m.; and Land Banking – Returning Properties to Productive Use,  Sept. 8, 1 p.m.

Madison County Housing Market Still Thriving Despite Pandemic

The Madison County real estate market has maintained its traditional high-volume summer business, despite pandemic-related uncertainty and downturn in other local economic sectors, according to a recent study by the Huntsville Area Association of Realtors.

The group, in partnership with the University of Alabama-Huntsville College of Business, released its second quarter Huntsville Area Real Estate Economics Report, which showed the local housing market continues to avoid most negative consequences of the COVID-19 economic downturn when compared to other sectors of the Madison County economy.

“We are thrilled to see this level of production that we typically see during the summer months,” said Sha Jarboe, 2020 HAAR President. “Not only is it a welcome sign of normalcy, but it shows the hustle of our members while they demonstrate responsible ways of doing business that maintains the health and safety of their clients and themselves.”

The report also showed there was a significant increase in the median sales price at $248,680 from $233,688 in the first quarter. Houses were also on the market an average of 29 days, compared to 45 days this time last year.

While listings are low due to a low inventory of houses, there was an increase of 295 from the first three months of 2020.

The quarterly reports are available at HAAR’s website, HAAR.realtor.