A new month brings an opportunity to take a snapshot of the Huntsville real estate market and evaluate any tends that may be evolving. Thus in this post we will take a brief look at January’s year over year supply, demand, and price pressures to get a feel of how our area’s market is performing.
A brief look at January’s statistics indicates that units sold (i.e. demand) has decreased and inventory (i.e. supply) has increased confirming a trend that we have seen consistently since October 2007. However the trend in supply buildup does seem to be easing a bit within the last two months compared to the October and November numbers of +15% and +9.7% respectively.
Nevertheless January’s year over year supply, increased by 4.4% to 6665 single family homes. While demand decreased by a significant -19.7% which is slower than the October and November indicators of -12% and -5% respectively. This has resulted in decreasing our market’s current absorption rate creating a 10.6 month inventory supply which is high for the Huntsville real estate market.
In conclusion, we have just passed through the most difficult seasonal phase of the Huntsville real estate market and it is holding up remarkably well considering the stress and strain much of the nation is enduring. Moreover given the prospect of the near future influx of jobs and personnel associated with the BRAC process, the long term market prospects look very bright and now may be the perfect time to make an entrance into one of the strongest markets in the region.If you are currently in the market as a buyer or seller, it is important that you have representation that understands the ebbs and flows of the local market and if you currently don’t have an agent we would certainly like an opportunity to interview for your business.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment