April 2008 Market Update
With ValleyMLS April 2008 statistics now available, we can take a look at the North Alabama Real Estate market and determine if there has been any significant shift in the trends that we have seen over the last 5 to 6 months. Notably that inventory has been increasing, sales declining, and prices softening. The following graphic illustrates our market’s sales performance for the month:
One change that really stands out is the fact that inventory levels have decreased -2% year over year. This is the first such decrease since January 2006 and may be an indicator that those sellers who can wait for a better market are beginning to do so. Now let’s not jump to any conclusions here, because one month does not a trend make, nevertheless we will certainly be keeping an eye on this development and update you as things progress.
Sales on the other hand are still decreasing with a -25% percent decline this month year over year. However this is an improvement over last months -27% decline. Thus given the current inventory and sales figures, our absorption rate calculation reveals a 9.12 month supply of Homes indicating that the overall market is squarely in buyer territory.
In addition to representing a wide variety of Huntsville Alabama Homes across all price ranges, we pride ourselves in providing superior services that often distinguish us from the crowd and these regular free market updates are just such an example. We know that all of our website subscribers and visitors have a choice in Huntsville Realtors and may interview several before making a decision. We would certainly welcome an opportunity to discuss your housing or relocation needs and how we may be able to best assist you, whether a buyer or seller.
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