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Housing market on the upswing in Marshall
Published August 4, 2009
There have been reports across the nation about a rise in the housing market leading some to hope the economic turmoil is coming to an end.
Home prices in May posted their first monthly increase since the summer of 2006, according to the Standard & Poor’s/Case-Shiller 20-city index.
Sales of newly built and existing homes rose in June for the third straight month. And new home construction, while still weak, is the best it’s been since the fall.
From 2007 to June 2009 there has been a total of 2,052 residential dwellings sold in Marshall County, according to numbers provided by the Marshall County Board of REALTORS.
North Alabama has not seen as drastic of a change in property values because the prices were not as “inflated” as those in other areas, according to Joyce Daniels with the Marshall County Board of REALTORS.
“The Northeast, and, of course Florida and California were highly inflated as far as their prices,” Daniels said. “So, they took a bigger nose-dive than other areas. Our prices were not inflated that much. We’ve wavered some because of the economy but we have not been as high as they were so we didn’t have as far to fall.”
She also said the Base Closure and Realignment Commission (BRAC) situation, which will be bringing a large number of new residents into the Huntsville area is helping the market in Guntersville.
“We are getting a tremendous amount of response from people looking in that area,” she said. “They want on the lake. They don’t mind the drive. So, there are several things that are influencing it.”
The number of homes sold has been climbing since December of last year when it bottomed out with 34 houses sold.
Then in January 2009 there were 41 houses sold, and in June there were 52 houses sold, the largest number since November of 2008.
The average price of houses has increased since 2008 as well, when on average a home was sold for around $100,000, but last month the average sale price was around $125,000.
Last month, homes priced between $99,999 and $124,999 were staying on the market for about 88 days, while homes priced between $125,000 and $149,999 about 74 days.
Higher priced homes, between 150,000 to $250,000 were staying on the market for a little over 200 days.
The Associated Press contributed to this report.
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