By SPEAKIN’ OUT NEWS
May was the best month for local Realtors and real estate agents in Huntsville. Home sales soared above 2023 in the Huntsville, Athens, and Decatur markets during the month.
“New listings have been on a tear since December as homeowners are fed up with waiting on the fed and are ready to move on with their lives,” Realtor Matt Curtis said, as reported by the Huntsville Times.
The Athens and Decatur markets have consistently surpassed the previous year’s marks so far in 2024. However, according to ValleyMLS data, Huntsville did not experience this until May.
“A lot of my buyers are responding to the lower interest rates that you get with new construction,” added Ben Wales of Redstone Family Realty, according to the Huntsville Times.
Last month, 723 homes sold in the Huntsville market, which includes all of Madison County. This was up from 586 in April and 665 in May 2023. There were 1,132 pending sales.
In Athens, which includes all of Limestone County, 228 homes sold in May, up from 198 in April and 180 the previous year. There were 410 pending sales.
In Decatur, which includes Morgan and Lawrence counties, 143 homes sold. This was down slightly from 149 in April, but it still surpassed May 2023’s mark of 124. There were 209 pending sales.
Sales Price Flat in Huntsville
The average sales price in Huntsville showed little movement. It was $387,000 in May, the same as in April and May 2023. However, this was different for Athens and Decatur.
The average sales price in Athens was $382,000 in May, up from $364,000 in April and $366,000 in May 2023. In Decatur, the average price fell from $300,000 in April to $271,000 in May, but it was still up from $261,000 in 2023.
“The average sales price continues to increase across the area at more normal ranges and mirroring inflation,” Curtis said, as noted by the Huntsville Times. He also mentioned that housing affordability “continues to be a challenge with a score of 89, which is the second lowest number in the past 12 months vs. the 180+ numbers we saw before Covid.”
Bennie Waller, William Carey Hulsey Faculty Fellow for the University of Alabama’s Department of Economics, said the average sales prices in the area “projects a solid marketplace, given the increased housing supply.”
Inventory Is Still On The Rise
The number of homes available in all three markets continues to increase. There were 2,167 homes on the market in Huntsville, up from 1,460 in May 2023. Homes stayed on the market an average of 37 days compared to 34 a year ago.
In Athens, 742 homes were on the market, up from 507 a year ago. Homes were on the market for 32 days compared to 41 a year ago. In Decatur, 367 homes were available last month compared to 215 a year ago. Homes stayed on the market an average of 45 days compared to 34 a year ago.
“The housing supply is significantly higher in this area than the national average,” Waller said, as reported by the Huntsville Times.
Curtis noted that inventory is approaching a more balanced market at 3.5 months of supply. “Anything south of four months is still considered a seller’s market, but we’re up significantly from the pandemic years and also from last year’s 2.5 months of supply,” he said. “This is good news for home buyers looking to find their new home this summer as there are now an additional 800 plus homes to choose from across the Tennessee Valley.”
“I think that it reflects how incredibly low inventory got during the pandemic,” Wales added. “I really hope that it never gets that low again and we keep all of these buyer incentives coming,” according to the Huntsville Times.
