While the Madison Alabama housing market has been better than most, we did not manage to skate through the housing crisis unscathed. I found the following statistics to be very interesting:
As you will notice, the average days on market for homes in Madison Alabama has nearly doubled, year over year since 2007 and the average list to sale price has dropped slightly. The GREAT news is that our home prices continue to INCREASE. This is very good news for all of us in the Madison area. While are sales are down, our home prices are on the up swing.
February 2007: There were 68 sales, with an average sale price of $245,076. List to sale price average was 98.77 and the average days on market was a mere 59. On February 15, 2007, there were 414 homes available, making our inventory levels at a 6.08 month supply.
February 2008: There were 46 home sales in Madison Alabama, obviously down from previous year. The average sale price was $265,054 with an average list to sale price of 100.06%. The average days on market was 86. On February 15, 2008, there were 395 homes available, making our inventory levels at a 8.59 month supply.
February 2009: There were 35 sales, one up from 2008. The average sale price was $272,504 with an average list to sale price of 95.90%, a 4% drop over 2008. Average days on market was 150. OUCH. On February 15, 2009 there were 363 homes for sale in Madison, making our inventory levels at a 10.37 month supply.
Category - Residential / PropType: Single Family Detached / Area: 05 - MAD CITY LIMITS
Month
Year
Monthly Sales
Avg ListPrice
Avg Sale Price
% Diff Sell/list
Avg DOM
Curr Inventory
Months Inventory
January
2007
59
$246,127
$245,076
99.57%
89.0
364
6.17
February
2007
68
$258,720
$255,538
98.77%
59.0
414
6.09
| January | 2008 | 34 | $258,809 | $252,977 | 97.75% | 104.0 | 387 | 11.38 |
| February | 2008 | 46 | $264,902 | $265,054 | 100.06% | 86.0 | 395 | 8.59 |
| January | 2009 | 36 | $284,408 | $274,663 | 96.57% | 106.0 | 342 | 9.50 |
| February | 2009 | 35 | $284,143 | $272,504 | 95.90% | 150.0 | 363 | 10.37 |
Yes, our days on market are up, list to sale price is down but the exciting thing is: OUR HOME PRICES ARE UP! This is great news for our market. So, if you are planning on selling, patience and pricing right are the strategy here. If you are buying, there are plenty of choices right now.
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Elizabeth has been a full time Realtor since 1999. BRAC specialist and RELO certified. Buying a home or selling a home in Huntsville Alabama? Elizabeth is the Northern Alabama Real Estate specialist.
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Great market report. I like the way you wrote the history. THis is useful information.
Hi Elizabeth....yay for some good news about home prices going up!
Elizabeth, very good loocalism post.
Hi Elizabeth !
This is a nice market report for your area - I noticed that the DOM for Feb was only 59 days !!! ...that's amazing in this market right now....we're closer to 90 days here in NJ ....
Good local info !!
Cheers :o)
whoah whoah whoaha Elizabeth where are you? I miss you!