Tag Archives: Madison

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 ranked No. 4 on top 25 U.S. high-tech hotspots list

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A study published this month by the Progressive Policy Institute in Washington, D.C., confirms what most local residents already know: the Huntsville/Madison County area is a mecca for high-tech information jobs.

Economist Michael Mandel compiled the top 25 list, which ranked high-population counties by new information and technology job growth from 2007-2012.

Madison County ranked No. 4 and was the only Alabama county on the list also topped by San Francisco County, Calif. (No. 1), San Mateo County, Calif. (No. 2), Santa Clara County, Calif. (No. 3) and Utah County, Utah (No. 5).

“New analysis by the Progressive Policy Institute shows that places with strong tech/information growth have survived the recession much better than their counterparts,” Mandel said. “In particular, counties with a higher number of new tech/information sector jobs from 2007 to 2012 had enjoyed substantially faster growth in both overall private employment and non-tech jobs over the same period.”

The counties included in the top 25 experienced a 2.4 percent average private sector job growth during the five year period studied. The analysis also shows Madison County saw a 25.7 percent jump in tech/information jobs and -5.6 percent growth in non-tech/information jobs from 2007-2012.

Mandel defined the technology and information job sector as industries including broadcasting (Internet, cable and on air), custom computer programming (app and web developers), data processing and hosting (including cloud computing), film, video and sound recording, news services, print and digital publishing, software, web search portals and social media, wired and wireless telecom and other computer-related services.

Click here to read the full study.

Send Lucy Berry an email at lberry@al.com.

via Huntsville/Madison County ranked No. 4 on think tank’s top 25 U.S. high-tech hotspots list | 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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$22 million approved for Bob Jones High renovations, land purchase for new Madison elementary

Bob Jones High aerial photoPictured is an aerial view of Bob Jones High School, located on Hughes Road in Madison. The Madison school board on Tuesday approved $20.5 million in renovations to the high school. (Contributed by Madison City Schools)

MADISON, Alabama – Madison’s first high school is about to undergo a $20.5 million renovation and the city school system has set aside $1.5 million to buy land for a new elementary school.

The capital plan, approved Tuesday night by the Madison school board, includes an overhaul of Bob Jones High School that aims to put it on par with James Clemens High School, which opened its doors in 2012. The renovations include a new lobby, a makeover of the school’s gym and redesigned and technologically-improved classrooms.

SKT Architects, which designed the renovations, also included an enclosed hallway connecting the east and west wings of the school. Improvements also include new flooring and lighting, renovations to the auditorium, improved security and upgraded electrical and HVAC systems.

Christine Jones, a representative of SKT, said the job should take about 15 months.

The plan also sets aside $1.5 million to buy land for a new elementary, though the location has not yet been determined. Superintendent Dee Fowler told board members that the school district has grown by 300 students in the past two years, and had an additional 200 new students this year.

“Eight hundred kids in the last three years is the equivalent of a new school, hence the new money to build what would be Madison’s eighth elementary school,” said John Peck, community relations manager for the district.

Another $3 million is earmarked to build an indoor swimming facility for the district’s swim teams near the central office and football stadium.

Fowler said Tuesday that the swimming facility would include a 25-yard enclosed pool for practices and swim meets. School officials are also considering discussion with the YMCA and the City of Madison about a possible partnership for a larger facility.

Bob Jones RenovationsView full sizePictured is an outline of the renovations planned for Bob Jones High School. SKT Architects of Huntsville designed the plans. (Contributed by Madison City Schools)

Separately at Bob Jones, $300,000 has been set aside to renovate the school’s track.

“This is a workable project and a workable budget. We’re getting a lot of bang for the buck. It will be very exciting for all of Madison, especially Bob Jones students,” Fowler said in a statement.

Other items on the capital plan include security improvements, HVAC and roof replacements, parking lot repairs and technology improvements at other schools in the district. .

Peck said the priority projects on the capital plan will be paid for mainly through funds from the BRAC bill, which allowed the Alabama Public School and College Authority to sell about $175 million in capital improvement pool bonds to help fund the capital needs of school districts affected by the 2005 Base Realignment and Closure.

The three school districts in Madison County received the majority of those funds. Of the $147 million the three districts received, Huntsville received $64.7 million, Madison County received $55.9 million and Madison City Schools, $26.4 million.

The decision to renovate Bob Jones was the result of months of study last year by a capital planning committee, Peck said.

The district also earlier this year rezoned its elementary school boundary linesto account for growth in the city.

via $22 million approved for Bob Jones High School renovations, land purchase for new Madison elementary school | al.com.

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