Huntsville area home sales decline 5.6% in May 2020
Sales: According to ValleyMLS.com, May home sales in the Huntsville area decreased 5.6% year-over-year from 762 to 719 closed transactions. Following seasonal trends, sales increased 6.8% from April. Sales are 5.6% year-to-date, but sales activity is likely to slow in the months ahead due to the growing economic impact of the COVID-19 pandemic. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: Homes listed for sale decreased 13,2% from 1,269 to 1,102 listings. Months of supply decreased from 1.7 to 1.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in May was $245,500, an increase of 8.5% from one year ago and a decrease of 0.5% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in May averaged 29 days on the market (DOM), 25 days faster than May 2019.
Forecast: May sales were 118 units, or 14.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 837 sales for the month, while actual sales were 719 units. ACRE forecast a total of 3,369 residential sales year-to-date, while there were 3,187 actual sales through May, a difference of 5.4%.
Click here to view the entire monthly report.
The Huntsville Area Residential Monthly Report is developed in connection with the Huntsville Area Association of Realtors.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period May 1 - 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.