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Huntsville/Madison County residential home sales up 16% in April; YTD up 9%

By Alabama Center for Real Estate (ACRE)  Follow on Twitter
on May 20, 2015 at 11:35 AM, updated May 20, 2015 at 11:36 AM

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

Sales: According the North Alabama MLS, Huntsville/Madison County residential sales totaled 465 units in April, an increase in sales growth of 16.5 percent or 66 units from the same period last year. This represents the best sales results for the month of April since 2007. Year-to-date sales through April are 9.1 percent above 2014.

Forecast: Closed transactions in April were 68 units or 17.1 percent above the Center’s monthly forecast. ACRE’s year-to-date sales forecast through April projected 1,395 closed transactions while the actual sales were 1,562 units, a favorable cumulative variance of 11.9 percent.

Historical sales.jpg
Huntsville/Madison County residential sales improve 16% from last April. Inventory is 5% below monthly peak established in 2014. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 3,061 units, a decrease of 4.5 percent or 144 units from last April and 1.3 percent above the 5-year April average of 3,102 units. New home inventory is up 5.1 percent year-over-year while existing single family inventory is down 6.5 percent.

The inventory-to-sales ratio in April was 6.6 months of housing supply (4.6 months for new construction – up 31.4% from April’14 when it stood at 3.5 months). The market equilibrium (balance between supply and demand) is considered to be approximately 7.0+/- months during April (NSA). Huntsville was again one of Alabama’s most balanced markets in April. The market in April experienced a 2.3 percent (68 units) increase in inventory when compared to the prior month. This direction is consistent with historical data indicating April inventory on average (‘1€0-’14) increases by 4.0 percent from the month of March.

Demand: Residential sales in April slipped .6 percent from the prior month which was much stronger than normal. This direction contrast with seasonal patterns and historical data indicating that April sales, on average (’10-‘€14), increase from the month of March by 5.2 percent. New home sales remain somewhat soft, down 20.6 percent from April 2014. Existing single family home sales accounted for 75 percent (up from 65% in April’14) of total sales, new homes sales accounted for 21 percent (down from 32% in April’14) while condos were 4 percent of sales (up from 3% in April’14).

Pricing: The Huntsville median sales price in April was $171,000, a slip of 2.3 percent from April 2014 but 7.9 percent above the prior month. This direction is consistent with historical data (’10-’14) indicating that the April median sales price on average increases from the month of March by .3 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 spring and summer home buying season has gotten off to a stronger start, reflected in some of the improvement in consumer housing sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The share of consumers who intend to own rather than rent their next home rebounded after a two-month slide. Meanwhile, home price growth expectations strengthened to the strongest pace since last October. Nevertheless, consumers continue to express concerns about the recent weakening economic conditions…When we consider both the continued caution of consumers and the positive start to the year, we believe that these results support our expectation that 2015 will be a year of modest growth in housing activity.” For full report, go HERE.

Huntsville/Madison County area residential sales up 16% in April; YTD sales up 9% | AL.com.

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New Madison Listing – James Clemens High School

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103 Hanley Hill Drive – One of a kind, custom built family home on a quiet cul-de-sac in Madison’s most desirable school district. Walk to James Clemens High School! Generous spaces for everyone including formals, open chef’s kitchen, media room, huge rec room, sunroom, library/loft and a downstairs master. Located in one of Madison’s most impressive master planned communities, Cambridge of Heritage Plantation that includes over 90 acres of parks with stocked lakes, club house, fitness room, Olympic pool, walking trails and tennis courts.

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This Month in Real Estate – May 2015

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Huntsville/Madison County March residential sales up 21% from last year

Alabama Center for Real Estate (ACRE)By Alabama Center for Real Estate (ACRE)
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Click here to view or print the entire March report compliments of the ACRE Corporate Cabinet.

Sales: Huntsville/Madison County residential sales totaled 468 units in March, an increase in sales growth of 21.2 percent or 82 units from the same period last year. This represents the best sales results for the month of March since 2007. Year-to-date sales through March are 6.2 percent above 2014.

Forecast: Closed transactions in March were 89 units or 23.5 percent above the Center’s monthly forecast. ACRE’s year-to-date sales forecast through March projected 998 closed transactions while the actual sales were 1,097 units, a favorable cumulative variance of 9.9 percent.

Historical sales.jpg

Huntsville/Madison County residential sales improve 21% from last March. Inventory is 4% below monthly peak established in 2011. Infograph provided by ACRE. All rights reserved.Alabama Center for Real Estate (ACRE) 

Supply: Huntsville housing inventory totaled 2,993 units, a decrease of .5 percent or 16 units from last March and only .5 percent above the 5-year March average of 2,983 units. New home inventory is up 21.5 percent year-over-year while existing single family inventory is down 3.5 percent.

The inventory-to-sales ratio in March was 6.4 months of housing supply (5.3 months for new construction – up 35.9% from March’14 when it stood at 3.9 months). The market equilibrium (balance between supply and demand) is considered to be approximately 7.5 months during March (NSA). Huntsville was one of Alabama’s most balanced markets in March. The market in March experienced a 8.6 percent (81 units) decrease when compared to the prior month. This movement favorably contrast with historical data that indicate March inventory on average (‘1€0-’14) typically increases by 3.4 percent from the month of February.

Demand: Residential sales in March also increased 41.8 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating that March sales, on average (’10-‘€14), increase from the month of February by 23.4 percent. New home sales remain soft, down 12.9 percent from March 2014. Existing single family home sales accounted for 76 percent (up from 70% in Mar’14) of total sales, new homes sales accounted for 20 percent (down from 28% in Mar’14) while condos were 4 percent of sales (up from 2% in Mar’14).

Pricing: The Huntsville median sales price in March was $158,432, a slip of 3.9 percent from March 2014 and 5.6 percent decrease from the prior month. This direction unfavorably contrast with historical data (’10-’14) indicating that the March median sales price traditionally increases from the month of February by .2 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: “Consumers are being patient prior to entering the housing market. Our March survey results emphasize how critical attitudes about income growth are to consumers’ outlook on housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “We’ve seen modest improvement in total compensation resulting from a strengthened labor market. However, income growth perceptions and personal financial expectations both eased off of recent highs, consistent with Friday’s weak jobs report. Simultaneously, the share of consumers expecting to buy on their next move has declined. We believe the recent setback in consumer sentiment should be short lived if early signs of income growth bear out and occur in proportion to expected interest rate increases. Meanwhile, the wait for housing expansion continues.” For full report, go HERE.

Huntsville/Madison County residential sales in March increase 21% from prior year | AL.com.

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OPEN Sunday 2-4

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Incredible family home on a quiet cul-de-sac in Madison’s most desirable school district. Extensive attention to detail with heavy crown, trey ceilings, lots of wood and tons of natural light. The recently updated kitchen features granite, stainless and a gas cook top with double oven. Formal living and dining rooms. A fifth bedroom or study on the main level. Privacy abounds in the huge fenced back yard with large evergreen trees and stately hardwoods. HOA pools, tennis, trails, club house and stocked ponds.

DIRECTIONS to 125 Mendenhall Drive, Madison AL 35758
County Line Road to Heritage Plantation entrance on east side of County Line (High Coach Way), stay on High Coach Way to right on Bridge House, left on Mendenhall, home on left.

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Alabama new home starts in January rise 13 percent from last year

Alabama Center for Real Estate (ACRE)By Alabama Center for Real Estate (ACRE)
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Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Demand: Alabama’s new home sales in January slipped 2 units or .9 percent from the same period last year.

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Alabama new home sales in January on par with last year while inventory has increased 4% from the same period. Infograph courtesy of ACRE. All rights reserved.Alabama Center for Real Estate (ACRE) 

Supply: Housing starts have increased 13.0 percent since last January. New construction inventory has also increased 4.0 percent since January 2014.Three of five metro areas experienced increases in inventory levels from last January (Birmingham – up 10%, Mobile – up 7% and Tuscaloosa – up 6%).

Alabama’s metro markets in January reflect 8.4 months of new home supply, up 6 percent from last January’s 8.0 months and up 83 percent from 4.6 months in December.

Pricing: Alabama’s metro market’s median new home sales price in January was $235,510, an increase of 2.1 percent from last January and 5.6 percent from last month.

New Home Pipeline: January statewide housing starts increased by 13.0 percent from January 2014 but slipped 2.0 percent from the prior month. 2014 starts were down 2.0 percent. Housing starts were up 7.8 percent in 2013 and 6.5% in 2012. January statewide building permits were up .5 percent from January 2014 but down 5.6 percent from last month. 2014 permits were down .8 percent. Building permits were up 5.6% in 2013 and 8.4 percent in 2012.

Residential Construction Employment: According to the Alabama Dept. of Industrial Relations, statewide residential construction employment in December increased 1.2 percent (800 jobs) to 68,600 from last month and improved 9.2 percent (+5,800 jobs) from the same month a year ago. (Note: January figures are to be released on 3/17/15).

Local Results: 10 out of the 27 home builder associations (37% – down from 56% in Dec) reported gains in building permits from the prior month while 12 associations (44% – up from 33% in Dec) reported gains in housing starts from last month. Twenty associations (74% – up from 33% in Dec) experienced an increase from their January 2013 housing starts.

Industry Perspective: From David Crowe, NAHB chief economist: “The new year either will see the housing sector break out in a traditional, solid recovery or it will see another mundane nudge forward. It doesn’t take a Ph.D. in economics to know that. Unfortunately, any economist with two hands can list forces for both outcomes. But the scale is heavily tipped toward more growth in single-family construction in 2015 than any of the recovery years to date.”

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

View the current monthly Alabama Residential Report here.

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The ACRE New Construction Monthly Report is work product stemming from our partnership with the Home Builder’s Association of Alabama Foundation.

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 ACRE Corporate Cabinet and other statewide ACRE Partners.

For other Alabama real estate resources & news, please visit our website and our ACRE blog.

Alabama new home starts in January rise 13 percent from last year | AL.com.

 

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