HUNTSVILLE, Ala. — ValleyMLS.com and the Huntsville Area Association of REALTORS® (HAAR) reports that there are 988 available homes for sale right now in Madison County. That’s the first time the housing inventory has dipped below 1,000 since the HAAR started recorded inventory date in 1988.
This means the area’s buyer pool is higher than the seller pool.
“It kind of sounds like it’s a bad situation, but what that means is Huntsville is growing. We’re seeing home prices rise, that’s great for sellers, that’s great for our economy,” explained ValleyMLS.com chair Cindi Peters-Tanner.
The low housing inventory is due to the area’s success in job and population growth. Affordable houses are going fast, and new ones are being built, but construction and skilled labor are battling to keep up with the trend.
“It is a little bit of a scary thing if someone is entering the market,” Peters-Tanner said. “But our new home construction is still going like crazy, and we have a lot of land that they’re trying to develop so new homes can come in and fill the gap.”
She explained that it’s not necessarily a seller’s market at every price point.
“Maybe the downsizing people are the ones having a harder time finding that smaller patio home with no yard because they’re moving so quick,” she said.
If you are interested in buying a home and you feel discouraged by this news, HAAR says the best way to up your chances of getting the one you want is to get pre-approved with a lender and have a realtor to help you find your match as soon as it hits the market. That way you’re ready to make a bid quickly.