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Huntsville Housing Sales Up but Median, Average Sales Prices Drop

It was hot in July – and we’re not just talking weather.

Huntsville home sales continued to climb and last month was no exception.

However, the average and median sales prices for houses in July saw a drop from June’s prices.

According to the Alabama Center for Real Estate’s monthly report for July, 929 houses were sold last month, compared to 863 a year ago and 847 in June. Usually, the report said, July’s sales fall from June’s sales.

“Historical data indicates that July residential sales on average (2015-19) decrease from June by 6.1 percent,” the ACRE report said. “This month’s sales increased 9.7 percent from the prior month.”

There were 663 existing single-family homes sold, compared to 332 a year ago, while newly built houses accounted for 248 of July’s count, along with 18 condos.

While July’s median and average prices were up from a year ago, they dropped compared to June’s numbers.

The median sales price in Huntsville for the current month was $249,900, a 12.1 increase from July 2019’s
median sales price, but the median price was “historically” down from June’s median price of $253,900.

“Historical data indicates that July median sales prices on average (2015- 19) increase 0.7 percent from June,” ACRE said. “The current month’s median price decreased 1.6 percent from the previous month.”

Like the median sales price for houses, average sales prices, while rising from a year ago, saw a drop from June.  The average sales price for July was $277,844, a 10.8 percent increase from $250,742 one year ago. But it was off some 2.3 percent from June’s price of  $284,489.

“Historical data indicates that July average sales prices on average (2015-19) increase by 0.7 percent from June,” the report said. “The current month’s average price decreased 2.3 percent from the prior month.”

The report did not cite a possibility for the 3 percent turn-around (from 0.7 percent increase to 2.3 percent decrease) in prices.

In spite of the price drop, with just a 1.1-month inventory of available houses, it’s still a seller’s market, according to ACRE.

“July’s 1.1 months of supply is well below the five-year average of 3.5 months,” the report said. “Huntsville’s inventory-to-sales ratio is 4.9 months below equilibrium, indicating a continued transition where sellers typically have elevated bargaining power.”

 

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.