Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.
Let’s take a look at the September sales statistics for Huntsville and Madison Counties to get a better idea of what the future may hold:
Huntsville/Madison County Market Statistics
The Huntsville and Madison County markets slowed down a bit this September, with fewer sales and increasing market times. Sales prices, however continued to increase. The average sales price increased in September 2007 by approximately 11% from September 2006 to $202,495. The price per square foot increased by 12% to $89 per square foot. The number of homes sold decreased in September by 20%, as market times increased by 12%, or 11 days. 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 |
|
September 2007 |
447 |
$206,564 |
$202,495 |
98.03% |
89 |
$90 |
|
September 2006 |
558 |
$183,381 |
$181,043 |
98.72% |
78 |
$83 |
Of course, the real estate market in Huntsville and Madison Counties is always changing from month to month and neighborhood to neighborhood. To learn more about the current Huntsville AL real estate market, please call me at 256-508-0211 or visit MoveToHuntsville.com. Also visit HuntsvilleHomeHunter.com to receive automated emails of new listings that meet your criteria!
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.