With the new year upon us we would like to take brief look at what may be ahead for the Huntsville real estate market. While market statistics are invaluable when looking at historical conditions and trends, forecasting the future is often folly since historical trends are no guarantee of future performance so its best to look to those who focus on this endeavor full time.
The folks at Housing Predictor are independent real estate market forecasters and consulted by the nation’s investment houses, mortgage companies, and real estate companies and have an 85% accuracy rating. Their recent 2008 briefing confirms the real estate slowdown in Alabama and in Huntsville as indicated by our recent MLS history. The Alabama market overall is slowing but not as much as many parts of the country. Their brief synopsis of the outlook for our Huntsville market is quoted below:
The Huntsville area is still adding jobs, and industrial construction should also help the area through the year. Northern Alabama will feel the slowdown in residential sales, but not like some other areas of the state. Huntsville is forecast to appreciate 3.9% in 2008 average housing values.
It is of interest to note that while the report for Huntsville was positive they are predicting lower home prices in Birmingham and Tuscaloosa with declines of -5.5% and -3.4% respectively.
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