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.