Huntsville January Real Estate Slow But Slightly Better Than Last Year

Huntsville/North Alabama Area MLS Observations: Real Estate Market January 2012

January sales declined 28% to $79,170,046 vs. December at $110,622,406 This was virtually identical to last year at $79,352,342 The twelve month moving average line on the total dollar sales chart is flat.

Total unit sales decreased to 531 in January vs. 696 in December decreasing 165. This was favorable to last year at 504 sales.

Note that our projection for January was 507 so the actual results were 5% favorable, this will probably increase as late sales are reported. We will be revising the full year projections when the final un-employment statistics for January become available in late March.

New sales decreased to107 this month vs.180 last month, decreasing 73.
Used sales decreased to 424 this month vs. 516 last month, decreasing 92 (Sect E p.3).

Used inventory levels remain high this month at 12 months (see the chart Sect C p.1), with the situation particularly challenged in the higher price ranges. Used homes over $100,000 are still over 12 months of inventory and over $400,000 have two or more years of inventory.

New home absorption is 9 months of inventory overall, (with last month at 10 months), (E-1). The New Home inventory level in the $300,000-$400,000 is approximately 5 months (not bad).

There continue to be a large number of housing permits issued in Huntsville city, given the market conditions. December decreased to 56 vs. 78 in November (chart on the web site).

Total Active listings decreased this month to 7,878 compared to last month’s 8,478, which is below last year at this time at 8,795 with the reduction exaggerated due to month-end expirations.
(Sect A p.4 and Sect E p.3).

Active New listings decreased from 1,527 last month to 1,271 in January, down 256. (Sect E p.3). Active Used listings decreased from 6,951 last month to 6,607 this month, down 344 and below last year’s amount at this time of 7,464. (Sect E p.3).

Average Days on Market for Sold New homes was 163 vs.177days last month, with Used at 167 in January compared with 142 in December (Sect A p.18). Days on Market at or below 6 months, while the inventory numbers are way higher, indicates well priced homes are selling. Sellers, including bank owners, who do not adjust to the new price reality contribute to the buildup of inventory.

Average sales price for Sold New homes was $229,697 vs. $238,973 last month. (Sect A p.2)
Average sales price for Sold Used homes was $128,756 vs. $131,022 last month. (Sect A p.2)

The Average price lines for Used homes, which was on a upwards slope for a while, has turned down. New homes average price seems to be showing some positive direction. Prices for individual properties remain under pressure.

TWB 2/11/12

Posted in Building Permit, Forecast, Home values, Huntsville, Inventory, Monthly comments, real estate |Tagged , , , , , , , | Leave a reply

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