Alabama residential sales in October continued to gradually improve, up 8.9 percent compared to the same period a year earlier. Through October, sales are up 10.6 percent year-over-year and sixty percent of local markets report positive sales growth compared to October 2012.
Tag Archives: Huntsville
Huntsville/Madison County residential sales totaled 450 units for the month of September. Residential sales improved 12.8 percent compared to September 2012. Year-to-date sales through September are 10.8 percent ahead of 2012.
Supply: Huntsville housing inventory totaled 3,100 units, an increase of 108 units from last September leading to an increase in new home inventory of 3.6 percent. The inventory-to-sales ratio in September was 6.9 months of housing supply (4.9 months for new construction), a decrease of 8.1 percent from August September 2012. The market equilibrium (balance between supply and demand) is considered to be approximately 6-8 months during September. September inventory in Huntsville experienced a .1 percent (3 units) decrease when compared to the prior month. Historical data trends indicate September inventory on average (’08-’12) decreased from the month of August by .8 percent. While the market continues to establish definitive trend lines associated with the impact of sequestration, as it relates to housing demand, keeping an eye on levels of future supply will remain important for the market.
Demand: Existing single family home sales accounted for 74 percent (up from 68% in Sept’12) of total sales, new homes sales accounted for 23 percent (down from 28% in Sept’12) while condos were 3 percent of sales (down from 4% in Sept’12).
As expected, residential sales in September decreased by 18.5 percent from the prior month. Real estate sales volume is seasonal and historical Huntsville data reflects that September sales, on average (’08-’12), increase from the month of August by 10.0 percent.
Pricing: The Huntsville median selling price in September was $178,500, an increase of 9.8 percent from September 2012. This figure is also up 3.1 percent from last month. Historical data (’08-’12) indicates that the September median selling price traditionally decrease from the month of August by 1.9 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. Unlike prior years, a wild card this year is how the market continues to respond to sequestration.
They said it – Lawrence Yun, NAR chief economist: “The market may be experiencing a temporary peak (3rd quarter). Rising mortgage interest rates pushed more buyers to close deals (in August), but monthly sales are likely to be uneven 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 Commission, the 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.
For other 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 has placed 14th among Entrepreneur Magazine’s list of the 25 best cities in the U.S. for high-tech startups.
A press release from the city states the magazine based its findings on a report from the technology policy coalition Engine and the Ewing Marion Kauffman Foundation, which is an entrepreneurship research association. Entrepreneur states this particular research project “focuses on high-tech startups specifically, defining them as new businesses with a concentration of employees in the fields of science, technology, engineering and math.”
Huntsville Mayor Tommy Battle was not surprised at Huntsville’s placement in this category.
“We brand ourselves as a smart city, where technology marries engineering to provide a vibrant, progressive economy,” Battle said in the release. “Through the years of Huntsville’s proven performance in space and missile defense technologies, we have created an ecosystem that is now supporting start-ups in new fields such as energy, cyber and geospatial. It is an exciting time to live, work and play in Huntsville!”
The list of top 25 cities, in order, include:
1. Boulder, Colo.
2. Fort Collins-Loveland, Colo.
3. San Jose-Sunnyvale-Santa Clara, Calif.
4. Cambridge-Newton-Framingham, Mass.
7. San Francisco
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.
9. Colorado Springs, Colo.
10. Cheyenne, Wyo.
11. Salt Lake City
12. Corvallis, Ore.
13. Raleigh-Cary, N.C.
14. Huntsville, Ala.
15. Provo-Orem, Utah
16. Bend, Ore.
17. Austin-Round Rock, Texas
18. Missoula, Mont.
19. Grand Junction, Colo.
20. Sioux Falls, S.D.
21. Bethesda-Frederick-Rockville, Md.
22. Durham-Chapel Hill, N.C.
23. Portland-Vancouver-Beaverton, Ore.-Wash.
24. Wilmington, Del.
25. Ames, Iowa
Entrepreneur’s article can be found here.
CNN Money Magazine has included Madison and Lee counties on a national list of areas with the best employment opportunities, “making them great places to live and work,” the news organization said.
Madison County ranked No. 7 on a list topped by Columbia County, Ga. (No. 1); Rockwall County, Texas (No. 2); Falls Church, Va. (No. 3); Guadalupe County, Texas (No. 4); and St. Johns County, Fla. (No. 5). Lee County ranked No. 22 on the list.
To see the complete “Where the jobs are” list in CNN Money Magazine, visit theirwebsite.
Using data from the U.S. Census and Onboard Informatics, CNN Money reports job growth from 2010 to 2012 was 11.5 percent in the Huntsville/Madison area. CNN Money said “U.S. military and private defense contractors are commanding growth in Madison County.”
“Army base Redstone Arsenal is rapidly expanding its 37,000-strong workforce,” CNN Money Magazine said. “Defense companies Yulista Management Services and SAIC have both snapped up buildings in the Jetplex Industrial Park, adjacent to Huntsville’s International Airport.”
It also praised Cummings Research Park, Toyota’s recent $150 million V-6 engine investment and Carpenter Technology’s new manufacturing facility, which will employ 200 in Limestone County when it is fully operational.
The joblessness rate was 5.5 percent in Madison County and 5 percent in Lee County in May, according to the state Department of Labor.
Lee County, which experienced 9 percent job growth from 2010 to 2012, was lauded for its proximity to Atlanta and Auburn University, “making it an attractive place to do business.”
Automotive engineering firm APR’s decision to expand its Opelika operations, Pharmavite’s new site at Northeast Opelika Industrial Park and GE Aviation’s new facility were mentioned in the magazine ranking.
“Auburn Technology Park West is also home to several growing manufacturers,” CNN Money said. “Donghee America announced plans to make automotive fuel tanks in Auburn and has already begun hiring leaders of the operation, which is expected to employ 80.”
Send Lucy Berry an email at email@example.com.
New York-based consumer finance site ValuePenguin has ranked Huntsville, Birmingham-Hoover and Montgomery on a list of best Southern cities for computer programmers, one of the fastest-growing professions worldwide.
The Rocket City ranked No. 2, Birmingham-Hoover No. 12 and Montgomery No. 13 on a list with 17 other major Southern metros, including Palm Bay/Melbourne/Titusville, Fla., Dallas, Atlanta and Fort Worth/Arlington, Texas.
ValuePenguin, which is working on a series highlighting Top Cities in the U.S. for different professions, examined three main factors in the study: salary, cost of living and location quotient. ValuePenguin co-founder Brian Quinn said the location quotient measures the concentration of computer programmers in each city as a proportion of all jobs related to the national average.
“We’ve found this to be a strong indicator of higher demand for a particular profession,” he said.
The average annual salary for a computer programmer in Huntsville is $85,640, which is 20 percent higher than the national average, according to ValuePenguin. The average computer programmer salary is $78,140 in Birmingham-Hoover and $71,050 in Montgomery.
The Bureau of Labor Statistics reports there were 363,100 computer programmers in the U.S. in 2010, while the annual average salary was $71,380 per year, or $34.32 an hour. The field, which typically requires a bachelor’s degree for entry-level positions, is expected to grow 12 percent from 2010 to 2020.
Last month, Huntsville ranked No. 3 on a list of America’s top 10 best metro areas forScience, Technology, Engineering and Mathematics (STEM) graduates.
Here’s ValuePenguin’s complete list of the best Southern cities for computer programmers:
1. Palm Bay/Melbourne/Titusville, Fla.
5. Fort Worth/Arlington, Texas
6. Durham/Chapel Hill, N.C.
7. Tampa/St. Petersburg/Clearwater, Fla.
8. Cape Coral/Fort Myers, Fla.
9. Little Rock/Conway, Ark.
10. Fayetteville/Springdale/Rogers, Ark.
11. Houston/Sugar Land/Baytown, Texas
14. Roanoke, Va.
15. Charlotte, N.C.
16. Raleigh, N.C.
17. Greensboro, N.C.
20. Washington, D.C./Arlington, Va.