Huntsville, AL Real Estate Blog

Wednesday, 01 September 2010

HUNTSVILLE AL HOMES FOR SALE! MADISON AL HOMES FOR SALE!

Despite drop in home sales, Huntsville Realtors and executives still optimistic

Published: Tuesday, August 24, 2010, 8:27 AM Updated: Tuesday, August 24, 2010, 8:37 AM

HUNTSVILLE, AL. - For the first time in six months, home sales in Huntsville and Madison County declined in July, a drop many Realtors and executives attribute to the expiration of the federal tax credit for homebuyers.

But the July single-family home median price - the figure at which half of the homes sold for more and half sold for less - was $200,000, an increase of 6.1 percent from June ($188,500) and 14.29 percent from last July ($174,900).

According to data released Monday by the Huntsville Area Association of Realtors, sales decreased by 32.5 percent from June to July, from 523 homes to 353 in total sales. There was also a 28.97 percent drop from last July when 497 homes were sold.

"I look around the country, and I see the bigger markets - Chicago, Houston, Los Angeles - that saw a significant decrease in July,'' said Oscar Gonzales, the CEO of the Huntsville Area Association of Realtors. "Typically, we have been bucking the trend.''

For much of the spring and into the early summer, while homebuyers were eligible for the federal tax credit, local sales eclipsed most national figures.

To qualify for credits of up to $8,000, buyers with signed contracts had until June 30 to complete their purchases.

Locally, those credits accounted for an extended rise in sales - 2.5 percent in February, 65 percent in March, 2 percent in April, 22 percent in May and 3.98 percent in June.

Gonzales cited three factors for the decline in July: The expiration of the federal tax credit, the national economy and the local layoffs from cuts in NASA's Constellation program.

Yet, Gonzales is still confident.

"I don't think it's anything to be alarmed about," Gonzales said. "I don't foresee any major hiccups in our market at all."

Rob Hatchett, regional general manager of Crye-Leike, remains optimistic, too.

"Because of the tax credit, we knew a lot of closings that would have been in July got bumped into June and May to take advantage of the tax credit," he said. "This was an expectation, that there would be a low amount of volume. So many got rushed up."

The number of available properties - active listings - increased by 2.46 percent in July, compared with June and 17.41 percent compared with last July.

The number of average days on the market rose by 29, from 76 in June to 105 in July - an 8-day increase from last July.

"We're in nine major cities, and we recognize that Huntsville is the best market of those cities," Hatchett said. "Because of the government money, it is better than the other markets we're in.

"Any national news or news about the South, Huntsville is the least hard hit of any of the major cities. Huntsville is the most promising."

Because of that promise, Gonzales expects Huntsville to continue to defy national trends.

"We're not immune, but we're in a better position than other parts of the country," he said. "But when they hear (news about the economy) from national media, they are shy."

POSTED BY: Susan Taylor AT 11:14 am | Permalink | 0 Comments | E-mail this

Friday, 07 May 2010

BABY BOOMERS MOVING TO HUNTSVILLE ALABAMA

Retire in Huntsville Alabama Real Estate

Huntsville Alabama real estate has attracted a number of aging Baby Boomers who wish to find a comfortable place to invest and enjoy all the free time they’ve never had. “Our area offers a great playground for Baby Boomers,” says real estate specialist Jimmy Hill. “From fishing, hiking, hunting, golfing, spectator sports to the arts and fine dining, we have a lot to enjoy.”

Located in the northern Alabama, sandwiched between Nashville and Birmingham, the 160,000 residents of Huntsville Alabama real estate love the surrounding mountains, valleys and 1,897 acres of parkland. The weather is agreeable, with an January temperatures averaging around 48 degrees and the summer months climbing up to 89.

Compared to other cities in the state, Huntsville AL real estate is filled with eclectic residents, primarily because the NASA Marshall Flight Center, US Army Redstone Arsenal and Cummings Research Park have attracted the best and the brightest to the region. A lot of people who work at these facilities retire and remain in the area to work as private contractors. On their off-time there’s no shortage of things to do; residents can enjoy the Madison County Botanical Gardens, the US Space & Rocket Center, the Huntsville Museum of Art, Monte Sano State Park and the Alabama Constitution Village. Hill says retirees can enjoy a more urban life, while also indulging in luxuries like the Robert Trent Jones Golf Trail facilities.

Resident Mel Fisher said of Huntsville Alabama real estate: “There is a great four-season climate, no recession, lots of job openings, very little crime, a very high percentage of professional people, the latest and best in shopping and entertainment, and very good schools – all in a beautiful area in the Smoky Mountain foothills.” In fact, for all these reasons, US News World & Report has deemed Huntsville one of the “Best, Healthy Places to Retire in 2008.”

John Allen, president of Southern Construction and Design of Huntsville AL real estate, says that Boomers make up a substantial segment of the local market. Often, those approaching retirement seek out territory in older subdivisions close to shopping and entertainment, but they’re also snapping up investment properties. The area’s low housing cost and property taxes, coupled with the rising Huntsville Alabama real estate values, is something even less risky investors can feel good about. Over the years, the median house value has appreciated from $100,000 to $175,000, even in lieu of the nationwide housing crisis.

Huntsville Alabama real estate is thriving as the number of local high-tech, science jobs and international manufacturing plants draw crowds of residents. However, a growing number of aging Baby Boomers is relocating to Huntsville AL real estate to enjoy the favorable climate, cultural activities and low cost of living.

POSTED BY: Janey Bailey AT 02:36 pm | Permalink | 0 Comments | E-mail this

Monday, 22 February 2010

Huntsville ranked second among metro areas in Moody's Economy report on expected employment growth

By Marian H. Accardi

HUNTSVILLE -- Huntsville was ranked second out of 387 metro areas - and Mobile was No. 4 - in Moody's Economy's latest report on expected employment growth.

The Huntsville economy is beginning to recover from the recession, bolstered by the federal economic stimulus, the increased demand for durable goods and the ongoing relocation of federal and military jobs resulting from the 2005 Base Realignment and Closure Commission decision, according to Martin Soler Garcia, an assistant economist for Moody's Economy.com.

In his analysis, Garcia predicts employment in Huntsville will grow 2.5 percent this year and 4.3 percent, 4.8 percent and 4.4 percent for the following three years. Personal income will increase by 3.1 percent this year, and grow by 5.4 percent, 7.3 percent and 7.1 percent over the following three years, according to the report.

Garcia forecasts the Huntsville area jobless rate, which in December was 8.1 percent for the Huntsville metro area, which includes Limestone County, will be 9.1 percent this year, then 8.2 percent in 2011, 6.5 percent in 2012 and 5.7 percent in 2013. The Madison County jobless rate was 7.7 percent in December.

Other Alabama communities' rankings in anticipated employment growth were Auburn-Opelika area, No. 23; Montgomery, 29; Birmingham-Hoover area, 53; and Tuscaloosa, 61.

The report also put Huntsville in the No. 1 spot in a ranking of the metro areas' risk-adjusted return for the period 2008-2013. The risk-adjusted return determines if a regional economy's growth compensates for its volatility; a positive value indicates that projected job growth compensates for the volatility in the region's job growth.

Brian Hilson, president and CEO of the Huntsville/Madison County Chamber of Commerce, said the study and, in particular, the risk-adjusted return ranking "validates what we've recognized for a long time. The Huntsville metro area has a well-diversified, growing economy that represents one of the best investments a company can make out of all 387 metro areas in the country."

It's significant, Hilson said, that four Alabama metro areas were in the top seven and five were in the top 17 in the risk-adjusted return ranking.

"We're seeing a lot of potential for growth across the board," including the defense industry and in the healthcare, technology and automotive fields, said Huntsville Mayor Tommy Battle. "Our job is to make sure those potentials become a reality."

The report noted two Huntsville strengths: per capita income well above state trends, and the University of Alabama in Huntsville becoming increasingly competitive. The weaknesses: high exposure to durable-goods manufacturing, susceptibility to changes in federal government spending priorities and remote location far from larger metro areas.

The November report was compiled for Moody's by Precis Metro, and the findings were released this week by Gov. Bob Riley.

"We're beginning to see evidence that Alabama's economy is improving and this report validates that," Riley said in a release.

"This is a strong indication that pockets in Alabama's economy are growing and those areas will provide a positive impact on the economy of the entire state," Neal Wade, director of the Alabama Development Office, said in a release. "Other economic indicators also project that the state's economy will begin to recover late this year and into 2011 especially as we see major projects that were recruited several years ago begin to start up operations this year."

Go to website at http://budurl.com/hsvemploymentgrowth

For your Real Estate needs contact Linda Coons for the most recent homes update- www.lindacoons.com or call 256-694-9447.

POSTED BY: Linda Coons AT 09:42 am | Permalink | 0 Comments | E-mail this

Tuesday, 08 December 2009

Envision Decatur, Alabama 2014

Exciting things are planned for Decatur, AL. by 2014:
• Establish a downtown fire arts school affiliated with Calhoun Community College and Athens State College.
• Complete the streetscape plan for Second Avenue and Gordon Drive and plan for lower Bank Street.
• Build a pedestrian bridge over Wilson Street linking Rhodes Ferry Park to founders Park at Old State Bank.
• Using 7 acres of land donated by Archer Daniles Midland as a catalyst, begin purchasing other warehouse properties to be developed as Decatur Commons.
• Refurbish both downtown water towers to include promotional logos.

For more information go to www.DecaturDowntown.org.

For more on buying or selling real estate in Decatur, Al or Huntsville and Madison, AL. go to www.LindaCoons.com.

POSTED BY: Linda Coons AT 02:52 pm | Permalink | 0 Comments | E-mail this