Tag Archives: Homes for Sale

Come see the new Heritage Brook model home this weekend!

'14 Spring Tour

Come see the new Heritage Brook, by Legacy Homes, model home during this year’s Spring Tour of Homes this weekend. Heritage Brook is located one mile north of Hwy 72 on Old Railroad Bed Road in Madison. We’ll be open from 12-5 on Saturday and Sunday. We’re giving away some great prizes including an iPad Air. In addition to the new model home we also have three other floor plans in different phases on construction ready for you to explore!

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Huntsville among the best places for home ownership in the U.S.

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Financial literacy and consumer advocacy site NerdWallet has ranked Huntsville and Birmingham-Hoover among some of the best places for homeownership in the U.S.

NerdWallet, which studied 100 populous areas and categorized the winning metros by size, listed Huntsville as its No. 1 small metro and Birmingham-Hoover as its No. 9 large metro for homeownership, affordability and area growth.

The city of Huntsville was lauded for having a homeownership rate of 70.9 percent, median monthly household income of $4,534 and a 1.2 percent population growth from 2011-12. The analysis also found that homeownership costs are 26.6 percent of a resident’s monthly household income in Huntsville.

“Huntsville is located in northern Alabama where the Army’s Redstone Arsenal, Cummings Research Park and NASA’s Marshall Space Flight Center anchor the local economy in the technology, space and defense industries,” said Jaime Ortiz, an analyst for NerdWallet. “The area is also home to the University of Alabama in Huntsville where tech-focused programs like UAH’s College of Engineering train a highly skilled workforce. The deep talent pool of engineers attracts top employers like Boeing to Huntsville, providing local residents an abundance of job opportunities.

Other areas to make the small metro list were Fort Wayne, Ind., Myrtle Beach/North Myrtle Beach/Conway, S.C., Charleston, W. Va., Ocala, Fla., Naples/Marco Island, Fla., Columbus, Ga., Springfield, Mo., Fort Collins/Loveland, Colo., and Wilmington, N.C.

The NerdWallet analysis said Birmingham-Hoover has a homeownership rate of 70.1 percent, median monthly household income of $3,888 and a 0.4 percent population growth from 2011-12. The Jefferson County metro averages $1,264 in monthly homeownership costs.

The large metro list featured several other areas, including Raleigh/Cary, N.C.,
Charlotte/Gastonia/Rock Hill, N.C./S.C., Salt Lake City, Indianapolis/Carmel, Ind., Nashville/Davidson/Murfreesboro/Franklin, Tenn., San Antonio/New Braunfels, Texas, Jacksonville, Fla., Louisville/Jefferson County, Ky., and Denver/Aurora/Broomfield, Colo.

Do you live in one of Alabama’s Top 10 cities? Click here to find out.

via Which Alabama cities are the best places for homeownership? 2 state metros make national list | AL.com.

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Huntsville/Madison County February home sales up 6% from prior month

Huntsville/Madison County area residential sales in February improved 6.1 percent from the prior month. In contrast, sales totaling 333 units, represented a slip in sales growth of 11.4 percent from the same period a year earlier and 16 units shy of ourmonthly forecast.

Click here to view or print the entire January report compliments of the ACRE Corporate Cabinet.
Historical Sales.jpg
View full sizeHuntsville/Madison County residential sales up 6% from prior month. Inventory is 6% below February 2011 peak. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 2,880 units, an increase of 68 units from last February. New home inventory is down 2.2 percent year-over-year while existing single family is up 4.1 percent. The inventory-to-sales ratio in February was 8.6 months of housing supply (5.5 months for new construction – down from 6.3 in January). The market equilibrium (balance between supply and demand) is considered to be approximately 8 months during February. Huntsville and Baldwin County were Alabama’s most balanced markets in 2013. February inventory in Huntsville experienced a 2.0 percent (57 units) increase when compared to the prior month. This movement is consistent with historical data trends that indicate February inventory on average (€™09-€™13) increases from the month of January by 1.7 percent.

Demand: Existing single family home sales accounted for 71 percent (up from 64% in Feb’13) of total sales, new homes sales accounted for 25 percent (down from 34% in Feb’13) while condos were 4 percent of sales (up from 2% in Feb’13).

Residential sales in February improved by 6.1 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that February sales, on average (€™09-€™13), increase from the month of January by 13.5 percent.

Pricing: The Huntsville median selling price in February was $156,400, a slip of 6.5 percent from February 2013. In contrast, the median price increased by 1.3 percent from last month. Historical data (09-13) indicates that the February median selling price traditionally decreases from the month of January by 2.2 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate.

View the current monthly Huntsville Residential Report here.

The Huntsville Residential Monthly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

Huntsville/Madison County residential sales improve 6% from prior month | AL.com.

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Huntsville/Madison County area residential sales up 16% in January

Huntsville/Madison County area residential sales totaled 314 units in January, an improvement in sales growth of 16.3 percent from last January and 7 units above our monthly forecast.

Click here to view or print the entire January report compliments of the ACRE Corporate Cabinet.
Historical Sales.jpgView full sizeHuntsville/Madison County residential sales up 16% from last January. Inventory is 6% below January 2011 peak. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 2,823 units, a decrease of 19 units from last January. New home inventory is up 4.4 percent year-over-year. The inventory-to-sales ratio in January was 9.0 months of housing supply (6.3 months for new construction – up from 4.3 in December). The market equilibrium (balance between supply and demand) is considered to be approximately 8 months during January. Huntsville and Baldwin County were Alabama’s most balanced markets in 2013. January inventory in Huntsville experienced a 1.7 percent (48 units) decrease when compared to the prior month. Historical data trends indicate January inventory on average (’09-’13) increases from the month of December by 3.5 percent.

Demand: Existing single family home sales accounted for 72 percent (up from 68% in Jan’13) of total sales, new homes sales accounted for 26 percent (down from 32% in Jan’13) while condos were 2 percent of sales (same as Jan’13).

Residential sales in January slipped by 18.2 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that January sales, on average (’09-’13), decrease from the month of December by 30.5 percent.

Pricing: The Huntsville median selling price in January was $154,332, a slip of 9.2 percent from January 2013. This figure also decreased by 18.2 percent from last month. Historical data (’09-’13) indicates that the January median selling price traditionally decrease from the month of December by 2.6 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate.

Lawrence Yun, chief economist of the National Association of Realtors®, who recently presented at ACREcon said “Direction wise I see the economy is expanding. I expect 2.5% GDP growth this year. In the 4th quarter growth was solid but that was one quarter. We need that rate to be consistent for four quarters.”  Assuming that growth and concurrent job creation, Yun still sees challenges for housing sales going forward. “Housing affordability is coming down. You have mortgage rates and prices rising in 2014 but it will take growth and job creation on the other side,” he said. “For the year as a whole I think it will be neutral on US housing prices.” Yun said “He is already seeing softness in housing readings for the first quarter, and hopes the remainder of the year will be strong enough to balance it out.”

More industry perspectives: “January 2014 sales of new and existing homes reflected the decline in the affordability rate in most regions, the widespread inclement weather and the rise in interest rates. The slowdown in year over year unit sales also reflects the absence of real growth in employment and household incomes,” said Steve Murray, editor of the REAL Trends Housing Market Report. “As we stated last month we believe that unit sales are nearing a normal level given employment, the number of households, mortgage rates and household income. We expect that year over year increases will continue to be only slightly improved on a year over year basis in the months ahead.”

View the current monthly Huntsville Residential Report here.

The Huntsville Residential Monthly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our statewide ACRE Partners.

via Huntsville/Madison County area residential sales up 16% in January | AL.com.

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Huntsville/Madison County residential sales up 6% in December; 2013 sales up 8%

Huntsville/Madison County residential sales totaled 384 units for the month of December. Residential sales improved 6.1 percent compared to December 2012. For the year, the market experienced sales growth of 8.3 percent over last year.

Click here to read or print the entire report compliments of American Family Dream.

Historical Sales.jpgView full sizeHuntsville/Madison County residential sales up 6% from last December. Inventory is 4% below December 2010 peak. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 2,871 units, an increase of 159 units from last November, led by an increase in new home inventory of 15.6 percent. The inventory-to-sales ratio in December was 7.5 months of housing supply (4.3 months for new construction – up from 6.2 in November), the same figure as last December. The market equilibrium (balance between supply and demand) is considered to be approximately 7-8 months during December. Huntsville and Baldwin County are Alabama’s most balanced markets in 2013. November inventory in Huntsville experienced a 5.2 percent (159 units) decrease when compared to the prior month. Historical data trends indicate December inventory on average (’08-’12) decreased from the month of November by 7.4 percent.

Demand: Existing single family home sales accounted for 65 percent (same as Dec’12) of total sales, new homes sales accounted for 32 percent (down from 33% in Nov’12) while condos were 3 percent of sales (up from 2% in Dec’12).

Residential sales in December increased by 12.0 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that December sales, on average (’08-’12), decrease from the month of November by 1.0 percent.

Pricing: The Huntsville median selling price in December was $183,500, a slip of .3 percent from December 2012. In contrast, this figure improved by 14.7 percent from last month. Historical data (’08-’12) indicates that the December median selling price traditionally increase from the month of November by 1.0 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as to pricing trends is appropriate.

Financing Alert – 2014 Qualified Mortgage (QM) rule takes effect on January 10th: “The 2014 QM rule has generated more news, commentary and debate than almost any other mortgage rule in history.” Qualified Mortgage has created a news page to help you keep up with developments in this area.”

View the current monthly Huntsville Residential Report here.

The Huntsville Residential Monthly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

via Huntsville/Madison County area residential sales up 6% in December; 2013 sales up 8% | AL.com.

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