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April 11, 2013 · 7:51 am

Huntsville/Madison County residential home sales up 10% in March

Huntsville/Madison County residential sales totaled 377 units for the month of March. There were 34 more housing units sold compared to the same month a year earlier. Restated, residential sales improved by 9.9 percent in March. Year-to-date, sales are up a solid 13.4 percent.

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Huntsville/Madison County residential sales increased by 10% in March versus the same period last year. Infograph provided by ACRE. All rights reserved.

Supply: Huntsville housing inventory totaled 2,936 units, an increase of 5.0 percent from last March led by an increase in new home inventory of 20.8 percent. The inventory-to-sales ratio in March stood at 7.8 months of housing supply, reflecting an decrease of 4.4% from 8.1 months in March 2012. This figure still represents the best inventory balance between supply & demand in Alabama. March inventory in Huntsville experienced a 4.4 percent increase when compared to the prior month. This direction is consistent with historical data trends that indicates March inventory on average (’08-’12) increases from the month of February by 2.9 percent.

Demand: Existing single family home sales accounted for 74 percent (compared to 72% in March’12) of total sales, new homes sales accounted for 24 percent (down from 27% in March’12) while condos were 2 percent of sales (up from 1% in March’12).

Residential sales in March increased by .3 percent from the prior month. Historical Huntsville data reflects that March sales, on average (’08-’12), increase from the month of February by 26.5 percent.

Pricing: The Huntsville median selling price in March was $156,500, an increase of .4 percent from last March. In contrast, this figure represents a decrease of 6.4 percent when compared to the prior month. Historical data (’08-’12) indicates that the March median selling price traditionally decreases from the month of February by 1.5 percent so this month’s wider gap from recent trends is an area to keep an eye on in the near term.

What’s the latest housing and economic outlook for 2013? In a March 2013 report, analysts at Bank of America/ Merrill Lynch concluded: “We believe that the gain in home prices can persist despite subpar economic growth this year…Absent a significant weakening in the economy with negative payrolls, we think the housing recovery can continue. The combination of low inventory (referring to nationwide level), high affordability and improving expectations for home prices provide powerful momentum for the housing sector.”

View the current monthly Huntsville Residential Report

via Huntsville/Madison County residential sales up 10% in March | al.com.

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April 8, 2013 · 8:30 am

East Huntsville one of the fastest growing areas of the city

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Construction workers work on a house Friday in a new neighborhood along U.S. 431 near Hampton Cove. Goldsmith Schiffman Elementary School can be seen in the background. (Crystal Bonvillian/cbonvillian@al.com)

East Huntsville has grown by nearly 66 percent over the past decade and shows few signs of slowing down.

On a recent drive through Hampton Cove, the signs of growth were everywhere. Construction workers bundled up against icy rain as they worked on retail development near Hampton Cove Elementary School. Billboards from competing home builders point potential homeowners toward up to half a dozen subdivisions under development.

“There are many, many homes going in,” said Huntsville City Councilman Mark Russell. “And I think we’ll see that continue as we move forward.”

The Hampton Cove community has been one of the fastest-growing areas of the city over the past several years. Census data shows that east Huntsville, from the Taylor Road area north to neighborhoods just north of Dug Hill Road, gained nearly 9,000 residents between 2000 and 2010. As of the 2010 Census, that population total was just short of 22,500.

The number of homes in the area has grown even more dramatically, from about 5,000 in 2000 to more than 8,600 in 2010, a jump of about 71 percent.

Russell said he believes people will continue to move into the area, particularly with the amenities and recreational opportunities available.

“The city has a gym there, and it’s always filled with basketball players,” Russell said.

There is also Hays Nature Preserve, located just off of U.S. 431, Big Cove Creek Greenway and the Goldsmith-Schiffman Wildlife Sanctuary near the elementary school for which it was named.

“It’s really exciting,” Huntsville school board member David Blair says about the boom. “We continue to see growth in the area of Taylor Road and I think we’ll continue to see the retail development grow.”

The influx of residents can be seen at Goldsmith-Schiffman Elementary, which opened its doors in January 2011 to handle overflow from Hampton Cove Elementary. The school started out with 418 students for the 2010-2011 school year.

This year, that number has jumped to 545. Enrollment at Hampton Cove Elementary matched that for the current school year.

Though there are no current plans for new schools in east Huntsville, the possibility is not out of the question, Blair said.

“If the city continues to annex land and we continue to see people moving in, there is every chance we could need new schools down the road,” Blair said.

via East Huntsville one of fastest growing areas of city (Outlook 2013) | al.com.

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April 3, 2013 · 8:05 am

Huntsville fastest growing of Alabama’s four large metro areas

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Huntsville’s skyline at dusk. (Bob Gathany/bgathany@al.com)

Huntsville continues to be the fastest growing of the four large metro areas of Alabama, according to Census figures released today.

Huntsville, already the second largest metro area in the state, grew by 1.8 percent from 2011 to 2012, making it the 74th fastest growing out 381 metropolitan areas across the nation.

In Alabama, only the Auburn-Opelika area grew more rapidly, climbing by a whopping 2.6 percent, or the 11th fastest rate in the nation over a one year period. Auburn-Opelika recorded 147,257 residents last year.

Huntsville metro area, which includes Madison and Limestone counties, went from 425,212 people in July of 2011 to 430,734 in July of 2012. That’s up from 417,593 in the 2010 Census.

Madison County alone added more than 3,000 people to reach 343,080 residents in 2012.

More than a third of the metro area’s growth could be found further west. Limestone grew by about 2.5 percent, or the third highest percentage increase among Alabama counties. Limestone added more than 2,000 people to reach 87,654 residents halfway through 2012.

The seven counties of Birmingham-Hoover continue to form the state’s most populous metro area, accounting for 1,136,520 people in July of 2012. That’s was up .4 percent since 2011.

Mobile, the state’s third largest metro area, grew slightly by .2 percent to almost 414,000 residents. The Montgomery metro area shrank by .4 percent, falling to just over 377,000 people.

The U.S. Census identifies metropolitan statistical areas by combining cities with adjacent counties with close economic and commuter ties. Mobile metro area is just Mobile County. The Montgomery metro area includes four counties.

The state’s fifth largest metro area includes three counties around Tuscaloosa. That area grew by .8 percent to over 233,000 people.

Meanwhile, among smaller metro areas in North Alabama, Decatur grew slightly, adding 118 people to reach 154,233 residents. Florence-Muscle Shoals fell slightly to 146,988. Gadsden didn’t change much and Anniston shrank.

Less than half of Alabama counties added population between 2011 and 2012. For a full list, click here.

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March 24, 2013 · 7:59 am

Huntsville/Madison County Residential Sales Up 27% In February

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Huntsville/Madison County residential sales increased by 26.6% in February. Infograph provided by ACRE. All rights reserved.

Huntsville/Madison County residential sales totaled 376 units for the month of February. There were 79 more housing units sold compared to the same month a year earlier. Restated, residential sales improved by 26.6 percent in February. Year-to-date, sales are up a solid 15.6 percent.

Supply: Huntsville housing inventory totaled 2,812 units, an increase of 2.5 percent from last February led by an increase in new home inventory of 17.7 percent. The inventory-to-sales ratio in February stood at 7.5 months of housing supply, this reflects an decrease of 19.0% from 9.2 months in February 2012. This figure still represents the best inventory balance between supply & demand in Alabama. February inventory in Huntsville experienced a 1.1 percent decrease when compared to the prior month. This direction is an improvement over historical data trends that indicates February inventory on average (’08-’12) increases from the month of January by 2.0 percent.

Demand: Existing single family home sales accounted for 64 percent (compared to 73% in Feb’12) of total sales, new homes sales accounted for 34 percent (up from 25% in Feb’12) while condos were 2 percent of sales (same as Feb’12).

Residential sales in February increased by 39.3 percent from the prior month. Historical Huntsville data reflects that February sales, on average (’08-’12), increase from the month of January by 6.2 percent. Huntsville residential sales in handily beat recent sales norms for February which is a positive indicator for the local market.

Pricing: The Huntsville median selling price in February was $167,210, an increase of 4.3 percent from last February. In contrast, this figure represents an decrease of 1.6 percent when compared to the prior month. Historical data (’08-’12) indicates that the February median selling price traditionally decreases from the month of January by 2.6 percent so this month’s slip is narrower than recent trends and this is favorable news for the market.

What’s the latest housing and economic outlook for 2013? Frank Nothalt, Freddie Mac vice president & chief economist shares, “Across the nation, most local housing markets have room for sustainable growth, particularly in home construction and sales. As the broader economy heals, expect to see more good news with home prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates.”

View the current monthly Huntsville Residential Report here.

via Huntsville/Madison County Residential Sales Up 27% In February | al.com.

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February 5, 2013 · 6:44 am

Alabama Residential Home Sales up 5.9% in 2012

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Alabama home sales finished 2012 up 5.9% from prior year. Infograph courtesy of ACRE. All rights reserved.

It’s a wrap, the numbers are in from across the state. Alabama residential sales in 2012 improved by 5.9 percent from 2011. This represents the second consecutive year of positive sales growth for Alabama’s residential real estate industry. In 2011, sales grew by 2 percent ending a six year period of declining sales including 2010 that saw sales decline 4 percent.

Across Alabama in 2012, 72 percent of local markets reported positive sales growth compared to last year. This is also an improvement from the prior year where 56 percent of local markets experienced positive sales growth.

Click here to view or print the full report.

Supply: The statewide housing inventory in December was 30,869 units, a decrease of 4.6 percent from December 2011 and 18.6 percent below the month of December’s peak in 2007 (37,916 units)

There were 10.8 months of housing supply (6 months considered equilibrium) in December 2012 versus 11.3 months of supply in December 2011, a favorable decline of 3.9 percent.

December inventory in Alabama also experienced a 4.3 percent decrease when compared to the prior month. This trend is consistent with historical data indicating that December inventory on average (’07-’11) traditionally decreases from the month of November by 4.3 percent.

Demand: In December, Alabama residential sales were outperformed by the US market which showed an increase of 12.8 percent from the prior year, according to the National Association of REALTORS (NAR). NAR also reported that the South region sales were up 14.7 percent from last December. Investors accounted for 21 percent of nationwide sales while 29 percent were all-cash sales and 30 percent were first-time home buyers (40% in typical market).

November statewide residential sales dropped 7.2 percent from the prior month. This movement is higher than historical data that indicates that November sales, on average (’07-’11), decrease from the month of October by 3.7 percent. In comparison, US sales rose 2.1 percent from last month while the South region also improved by 2.1 percent from the prior month.

Pricing: The statewide median selling price in December was $134,661, an increase of 16.2 percent from last December. This figure represents an increase of 12.1 percent when compared to the prior month. Historical data (’07-’11) reflects that the December median selling price traditionally decreases from the month of November by .4 percent. Nationally, NAR states that distressed homes – foreclosures and short sales – accounted for 24 percent of December sales (12 percent were foreclosures and 12 percent were short sales), Foreclosures typically sold for an average 17 percent below market price in December, while short sales were discounted 16 percent.

Local Results: 11 out of the 25 local reporting associations (44% – this is down from 64% in November) reflect sales gains from last December. In 2012, sales in metro markets (up 8% from last year) outperformed both rural (up 5%) and midsize areas (up 1%). All 5 major metro areas representing 70% of Alabama sales have positive year-over-year growth rates except Tuscaloosa (down .4%, primarily due to increased storm-related demand in 2011).

via Alabama Year-End Residential Report: Sales up 5.9% in 2012; 72% of local markets show improvement from 2011 | al.com.

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