Tag Archives: Homes for Sale

Huntsville/Madison County residential sales up 4% in December

Huntsville/Madison County area residential sales in December improved 4.4 percent from the same period a year earlier. Total sales of 401 units were 9 units or 2.3 percent above our monthly forecast. The Center’s 2014 sales forecast projected 5,219 closed transactions while the actual sales were 4,901 units, a 6.1 percent cumulative variance.

Historical Sales.jpg
View full sizeHuntsville/Madison County residential sales up 4% from last December. Inventory hits new peak in December. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 3,320 units, an increase of 449 units from last December and 20.7 percent above the 5-year December average of 2,750 units. New home inventory is up 75.5 percent year-over-year while existing single family is up 2.8 percent.

The inventory-to-sales ratio in December was 8.3 months of housing supply (7.1 months for new construction – up 4.3% from Dec’13). The market equilibrium (balance between supply and demand) is considered to be approximately 8-8.5 months during December. Huntsville is historically one of Alabama’s most balanced markets but it appears the market has, at least momentarily, got a little ahead of the recovery as it relates to additional new supply. With that said, the market in December began to mitigate the short-term excess as the inventory in Huntsville/Madison County experienced a 5.8 percent (203 units) decrease when compared to the prior month. This movement is consistent with both seasonal listing trends & historical data that indicate December inventory on average (€™09-€™13) typically decreases by 7.1 percent from the month of November.

Demand: Residential sales in December improved 21.9 percent from the prior month. Historical Huntsville data reflects that December sales, on average (€™09-€™13), decrease from the month of November by .1 percent so this break from the norm is encouraging news. New home sales were up 6.6 percent from December 2013. Existing single family home sales accounted for 72 percent (up from 65% in Dec’13) of total sales, new homes sales accounted for 16 percent (up from 12% in Dec’13) while condos were 2 percent of sales (down from 3% in Dec’13). 2014 sales were 5.7 percent below 2013.

Pricing: The Huntsville median sales price in December was $169,900, a decrease of 7.4 percent from December 2013 and 4.0 percent from the prior month as a result of the short-term supply/demand imbalance. Historical data (09-13) indicates that the December median sales price traditionally increases from the month of November by 5.0 percent. It’s important to note that 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. ACRE recommends contacting a local real estate professional to discuss pricing at the neighborhood level.

Industry Perspective: “The housing market is likely to continue its gradual climb upward next year after a sub-par 2014,” according to Doug Duncan, senior vice president and chief economist at Fannie Mae. “We anticipate a fairly strong increase in housing starts in response to stronger employment and some improvement in related household incomes. As a result, that may help to unfold some of the suppressed household formation numbers and incent builders to meet some of that increased demand. For all of 2015, we expect total housing starts to increase by about 22 percent and total home sales to rise approximately 5 percent, with total mortgage origination ticking up slightly to $1.13 trillion.” For full report, go HERE.

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 up 4% in December; 2014 sales slip 6% | AL.com.

Leave a comment

Filed under Madison County "in the news"

The Ultimate List of Homebuyer Tips

The Internet is awash with short and incomplete lists of tips for homebuyers. For the many Americans unfamiliar with the home-buying process, trying to determine which tips to focus on could be confusing. Upon reading these lists, aspiring homebuyers must ask themselves, “Are these tips that industry experts would actually recommend, and are they worth spending my valuable time on?”

To remedy this problem, Market Leader gathered tips for homebuyers from half a dozen sources, put them all on one giant list, and, after removing the trivial and contradictory ones, surveyed almost 400 real estate agents about the importance of each tip. For the 17 tips featured in this survey, participants indicated whether they found them to be very, moderately or slightly important for homebuyers – or not recommendable at all!


Click here to read a list of more homebuyer tips

1 Comment

Filed under Ideas for Home Buyers

“Alabama 3rd quarter home sales highest since 2007″

Click here to view or print the full quarterly report compliments of the Alabama Housing Finance Authority.

Alabama residential sales during the third quarter while sluggish continued to gradually improve, up 3.3 percent compared to the same period a year earlier. This is an improvement over the 2.3 percent growth experienced in the second quarter of the year. Total sales of 12,469 units represent the best third quarter since 2007 (15,051 units). With that said, third quarter sales are still 25.2 percent (was 25.0 percent last quarter) below the quarterly peak established in 2005 when 16,674 units were sold.

Inventory.jpg
View full sizeAlabama housing inventory down .9% from 3rd Quarter 2013. Infograph courtesy of ACRE. All rights reserved.

Supply: The statewide housing inventory average during the third quarter was 33,538 units, a decrease of .9 percent from the same period in 2013 and 17.7 percent below the third quarter peak in 2010 (40,745 units). There was 8.1 months of housing supply (7 months considered equilibrium during 3rd quarter) in the third quarter 2014, the same as last year (3Q). Historical data indicates that the third quarter inventory-to-sales ratio in 2014 decreased 23.6 percent from the 5-year average (10.6 months) and decreased 14.7 percent from the 3-year average.

Demand: Historical data indicates that third quarter sales in 2014 increased by 12.1 percent from the most recent 3-year average (’11-’13) and 18.3 percent from the 5-year quarterly average (’09-’13).

Median Price.jpg
View full sizeAlabama median sales price up 1.8% from 3rd Quarter 2013. Infograph courtesy of ACRE. All rights reserved.

Pricing: The statewide median sales price during the third quarter was $130,284, an increase of 1.8 percent from the same quarter in 2013. Historical data indicates that third quarter median price in 2014 increased by 3.6 percent from the most recent 3-year average and 3.2 percent from the 5-year quarterly average (’09-’13).

The Alabama Residential Quarterly Report is provided compliments of the Alabama Housing Finance Authority.

+++++++++++++++++++++++++++++++++++++++++++

ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commissionthe Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of the ACRE Corporate Cabinet and our statewide ACRE Partners. Follow us @uaacre

Alabama Residential Quarterly Report: “3rd quarter sales highest since 2007″ | AL.com.

Leave a comment

Filed under Real Estate for Everyone

Awesome in MidTowne!

_MG_2446

Enjoy carefree living with direct access to Indian Creek Greenway, literally minutes from work/dining/shopping, resort pool, lakes and a park. Better than new, this gorgeous Harrison plan by Mark Harris features beautiful hand scraped hardwood floors, isolated master suite on the main floor, open floor plan, granite countertops and custom cabinets in the gourmet kitchen and a huge loft with two additional bedrooms up. A large covered veranda and a privacy fenced back yard provide a great space for outdoor events. 6437 Lincoln Park Place

Leave a comment

Filed under Neighborhood Profiles, Real Estate for Everyone

Alabama residential sales in September increase 11%

Click here to view or print the entire September report compliments of the ACRE Corporate Cabinet.

Total Sales.jpgView full sizeAlabama home sales in September improved 11.1 percent compared to last September. YTD sales up 2.4%. September sales are now up 42% from its September bottom in 2010. Infograph courtesy of ACRE. All rights reserved.

Alabama residential sales totaled 3,957 units in September, an increase in sales growth of 11.1 percent from the same period a year earlier and 201 units above of our monthly forecast. September joins June and July as the only months in 2014 where sales have eclipsed last year. Nationally, sales were off 1.7 percent in September from the prior year. See more details of how Alabama compares to the broader US market here.

The YTD Alabama sales forecast through September projected 35,170 closed transactions while the actual sales were 34,169 units, a 2.8 percent cumulative variance. YTD sales through September have been sluggish in most markets across the State but remain 2.4 percent above the 2013. Sales were up 3.3 percent in the third quarter compared to 2013.

Across Alabama, 76 percent of local markets reported positive sales growth compared to last September. In comparison, this figure was 64 in August and 48 percent in July. This figure also remains at 54 percent when taking into account total YTD sales compared to 2013.

Pricing: While the return of more consistent year-over-year sales gains is encouraging news, the lead story in 2014 relates to pricing. The Center shared in earlier reports that pricing represents the primary indicator that still had the greatest upside in the future. At least through September, this has come to fruition as the YTD median sales price is up in 19 of 25 or 76 percent of local markets. While this is good news for the market, as prices increase, sales (the typical lead story) attributable to investors bargain hunting will diminish the ability of this “buyer profile” to push the sales needle in the future. Distressed sales continue to significantly diminish as a percentage of total sales across the US, a trend most market watchers content will continue in the future.

Median Price.jpgView full sizeAlabama median home sales price in September 2014 improved 4.5% from prior year and now up 18% from the month of September price bottom in 2004. Infoigraph courtesy of ACRE. All rights reserved.

The median sales price improved by approximately 4.5 percent over last September and 6.1 percent when comparing the year-to-date (Jan-September) average for a broader perspective. Still, Alabama remains below the nation’s recent pace of appreciation but the Center prefers gradual increases in pricing over spikes seen in many parts of the country (typically in markets hardest hit by the recession). Keep in mind that pricing can fluctuate from month-to-month due to sampling size of data and seasonal buying patterns. The median price decreased 8.7 percent from the prior month. This direction is consistent with historical data (09-13) that reflects that the September median sales price traditionally decrease from the month of August by 2.6 percent.

Supply: The statewide housing inventory in September was 32,992 units, a decrease of 2.5 percent from September 2013 and 22.1 percent below the month of September peak in 2007 (42,329 units). There was 8.3 months of housing supply (7.5 months considered equilibrium during month of September) in September 2014 versus 9.5 months of supply in September 2013, a 12.2 percent favorable decrease. September inventory also decreased by 1.7 percent from the prior month. This direction is consistent with historical data that indicates September inventory on average (09-13) traditionally decreases from the month of August by 5.6 percent.

Demand: As anticipated, September statewide residential sales declined 4.4 percent from the prior month. This direction is consistent with seasonal trends & recent historical data that indicates September sales, on average (09-13), decrease from the month of August by 9.9 percent.

The fact that there are fewer distressed properties (attracting bargain hunting investors – typically cash buyers) changing hands when compared to last year has also narrowed the favorable percentage change associated with sales growth.

Seeking Balance: Ten or 42 percent of local markets are considered near or in balance where buyer and seller enjoy equal bargaining power. More markets are inching closer so this is encouraging news.

In contrast to reports of lack of inventory at the national level, Alabama still has above the needed levels of supply in most local markets (13 of 25 markets or 52 percent still have 10+ months of supply) but the supply of “quality” inventory is limiting sales according to local professionals with boots on the ground.

Industry Perspective: “The September National Housing Survey shows a slight recovery in consumer housing sentiment after a two-month setback, bringing us back to the modestly positive trend we’ve seen over the last year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “It might be too late to save this year’s home sales from posting the first decline in five years. However, the return to an upward trend in housing sentiment, combined with this month’s positive news on the jobs front, suggests that a broad-based, albeit measured, housing recovery is on track to resume in 2015. The results of the past few months show that consumer optimism remains cautious and somewhat volatile, and we’ll likely continue to see bumps on the housing recovery path reflected in our survey results.” For full report, go HERE.

This monthly report is provided compliments of the ACRE Corporate Cabinet. 

Alabama residential sales in September increase 11%; 76% of local markets experience YOY sales gain | AL.com.

Leave a comment

Filed under Real Estate for Everyone

1,000 new rooftops to rise on Madison’s western horizon

-7a8e9ab88108f850

A thousand new residential rooftops will be popping up in eastern Limestone County, based on recent rezoning proposals to the City Council.

On Monday, the council announced public hearings on rezoning for three separate parcels totaling 176 acres. Combined with the rezoning in July of 158 acres on Huntsville Brownsferry Road, Madison can expect to add more than 1,000 single-family homes, said Mayor Troy Trulock.

“There’s another 600 in the pipeline,” he added.

The 1,000-home estimate will take two to five years to play out completely, the mayor said, so there’s going to be plenty of ongoing construction work in western Madison.

Mungo Homes will likely be the first to break ground should the rezoning requests be approved Sept. 22. It seeks to rezone 58 acres at the northwest corner of Burgreen and Powell roads from agriculture to R-3A single-family detached residential. The 58 acres will be combined with another parcel already zoned residential for a total of about 100 acres.

There’s another 600 in the pipeline.” – Mayor Troy Trulock

The largest of the three rezoning request is from Murphy Homes. It calls for 89 acres on the south side of Hardiman Road and east of Segers Road to be changed from agriculture to R-3A single-family detached residential. The smallest of the three comes from Woodland Homes. It seeks to change 29 acres from agriculture to single-family residential. The property is east Segars Road and across from the entrance to Hardin Oak Drive.

District 4 Councilman Mike Potter, who represents some areas west of County Line Road, said the growth is going to put “tremendous pressure” on Hardiman, Burgreen and Segers roads, and the city must get plans in place so the infrastructure can handle the large amount of traffic. A key part of that will be partnering with the Limestone County Commission, he added.

“Our school system’s got to be concerned, too,” District 1 Councilman Tim Holcombe said.

Potter referenced the new 700-acre Town Madison retail and commercial development as making the expected, rapid growth of new homes easier to bear.

While there’s some tax revenue generated from the construction phase of home building, he said property taxes are not enough to offset the cost of providing city services to them. Without retail taxes on the side, “rooftops translate to negative numbers.”

1,000 new rooftops to rise on Madison’s western horizon; 176 acres sought for rezoning | AL.com.

Leave a comment

Filed under Madison County "in the news"

Home Selling Tips Every Seller Should Know

What home selling tips are the most important for sellers to know? We sought to answer this question when we surveyed 500 real estate agents about the importance of two dozen top home selling tips. Each tip was then ranked based on the survey responses and we used the first eight – those viewed as being “very important” by 80 percent of agents or more – to create this infographic, “Home Selling Tips Every Seller Should Know.”


Home Selling Tips Every Seller Should Know

Leave a comment

Filed under Ideas for Home Sellers