According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.
Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September. “There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.” He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”
Let’s take a look at August sales statistics to see how the market looks in Huntsville.
Huntsville/Madison County Market Statistics The Huntsville and Madison County markets continue to defy national real estate trends, with increasing home sales and average sale prices, along with shorter average market times. The average sales price increased in August 2007 by approximately 8% from August 2006 to $196,695. The price per square foot also increased by 7% to $90 per square foot. The number of homes sold increased in August by 4%, or 23 homes, as market times decreased by 28%. The SP/LP ratio remained almost the same from 2006 to 2007.|
Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price SqFt |
|
August 2007 |
608 |
$199,138 |
$196,695 |
98.77% |
84 |
$90 |
|
August 2006 |
585 |
$183,441 |
$181,234 |
98.80% |
116 |
$84 |
As these statistics show, now is a great time to consider buying a Madison County or Huntsville AL home. To begin searching for Madison or Huntsville AL homes, please use my complimentary MLS Search, or call me at 256-508-0211. If you are thinking of selling your Madison or Huntsville AL home, please call me or sign up to receive information on the last 10 homes sold in your neighborhood - we can work together to make sure you get a great deal!
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.