Sales: According to the North Alabama Multiple Listing Service, Athens/Limestone County residential sales totaled 171 units during July, an increase of 36.8 percent or 46 units above the same month in 2016. Home sales during July 2016 totaled 125 units. Two more resources to review: Quarterly Report and Annual Report.
For all Athens/Limestone County area housing data, click here.
Forecast: July sales were 9 percent or 14 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through July projected 889 closed transactions, while the actual sales were 945 units.
Supply: Athens/Limestone County housing inventory totaled 683 units, a decrease of 16.7 percent from July 2016. New-home inventory is down by 38 units year-over-year, while existing homes dipped by 97 units. July inventory was 0.6 percent below the prior month. This direction contrasts with historical data indicating that July inventory on average (2012-16) increases from June by 1.5 percent.
The inventory-to-sales ratio in July was 4 months of housing supply. Restated, at the July sales pace, it would take 4 months to absorb the current inventory for sale. This is a decrease of 39.1 percent from 6.6 months of supply in July 2016. The market equilibrium (balance between supply and demand) during July is considered to be approximately 6 months.
Demand: July residential sales were 34.6 percent above the prior month. This direction is consistent with historical data associated with July sales, which indicate a typical increase of 8.6 percent from June.
Pricing: The Athens/Limestone County area median sales price in June was $193,000, an increase of 2.7 percent from the previous July and a decrease of 3.5 percent from June. This direction contrasts with historical data (2012-16) reflecting that the July median sales price on average increases from June by 3.7 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting a local real estate professional.
Industry perspective: “We are keeping our full-year economic growth outlook at 2 percent as risks to our forecast are roughly balanced,” said Fannie Mae Chief Economist Doug Duncan. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast. A build-up in inventory also should be positive for growth this quarter, and nonresidential investment in structures will likely continue to improve as oil prices stabilize.”
Click here to generate more graphs from the Athens/Limestone July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.
The Athens/Limestone County Residential Monthly Report is developed in conjunction with the Athens/Limestone County Association of Realtors to better serve North Alabama consumers.