Huntsville Alabama Real estate Market: Exceedingly Abundantly

Exceedingly abundantly is the way one could describe the Huntsville Alabama real estate market if one has to compare it with the rest of the home buying market across the nation. Things are GOOD down here in Huntsville. Ah, you must come and see this for your self!

With the local economy expecting to add another 16,000 high-paying jobs in the not to distant future, mainly through the Base realignment and Closure relocation (BRAC), the increase in new businesses in the Huntsville research park area, the continuing positive effects of Huntsville being a college town, the steady infusion of solid international companies like Toyota into the local economy all combined to keep the financial aspect of the city vibrant and on a mushrooming streak.

Healthy property values

The evidence is real: median home sale prices in 2008 has risen, sellers are getting prices near their asking price. Median sales prices increased nearly 8 percent last year to $169,573 - long-term price appreciation, a 67 percent increase in property values since 2000; all this under a period of low interest rates.

John Allen, president of the Huntsville-Madison County Builders Association (www.healthyrealestate.info), said he wanted to get out the message that despite concerns raised by national reporting on a weak housing market, the Huntsville market is strong and continues to grow. "We're in unique economic times, and people see that and they worry about it," Allen said. "But our numbers show we're trending upward. We're trying to allay their concerns for local real estate." In fact, total homes sold in the Huntsville area increased 0.55% in February 2008 over February 2007, the only metro area in Alabama with positive growth.

To be Fear

Although Huntsville has largely avoided the housing crisis that has plagued large sections of the nation, and 2007 mark as the third-best year for the local housing market, 2008 is a bit behind that pace in several areas.

According to information provided by the local Realtors office through its Multiple Listing Service, so far in 2008 fewer homes have sold compared with the same period last year, homes are staying on the market longer, and the average sales price has fallen.

The MLS does not capture a number of transactions in which a Realtor is not used, but officials conceded today that there is a larger inventory of homes on the market - 2,816 in April compared with 2,268 in April 2007.

Currently, the Huntsville market has a seven-month inventory of homes. Inventory is calculated by dividing the number of homes listed for sale in a month by the number sold that month. The result shows, at the present rate, how long it would take to sell every listed home.

Message to the Buyer

Given the current housing situation, this is more a less a buyers market. Now is the time to pick and choose the house of your dreams. Interest rates are low and home prices are relatively cheap. There is a large inventory of homes on the Huntsville market and that makes bargaining in your favor. Let the seller agree to pay closing cost, fix repairs and make general improvements on the home before you buy.

Practice this wise saying: Be greedy when others are fearful. The Huntsville BRAC effect will be soon felt. A fresh group of people are coming to Huntsville and the city is going to see a bounce in the home prices as demand increases. Happy Buying!

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