Huntsville Real Estate

In our regular monthly market updates we use market statistics for the entire North Alabama Multiple Listing Service which includes Madison County along with several other surrounding counties. In our quarterly updates we focus only on Madison County which is predominately made up of the Huntsville/Madison metro area.

Looking at this market segment and comparing the first quarter of 2007 with the first quarter of 2008, we see similar inventory and demand characteristics as compared to the entire North Alabama Area. Inventory has increased 6.67% overall, demand has decreased -19.47%, leading to an increase in absorption rate inventory of 33%, which leaves us with a current 7.91 month supply of Huntsville Area Homes. The following chart graphically illustrates our current market condition:

When we look at pricing during this period we see a 4.69% increase quarter over quarter using the average price /square ft. It is also of import to note that the two quarters had a similar distribution across price ranges with the 2007 figures having a slightly larger number of homes selling for more than $300k.

While we are experiencing a slow down in the number of sales and thus an increase in inventory entering a classic buyer’s market, we have yet to see any dramatic price decreases as being experienced in other areas of our region.

If you are currently in the Huntsville Real Estate 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 welcome an opportunity to interview for your business. Also if you would like an analysis on a particular property or neighborhood don’t hesitate to drop up an email with your request.