Sales: According to the North Alabama Multiple Listing Service, Athens/Limestone County residential sales totaled 151 units during April, an increase of 10.2 percent or 14 units above the same month in 2017. Home sales during April 2017 totaled 137 units. Two more resources to review: Quarterly Report and Annual Report.
For all Athens/Limestone County area housing data, click here.
Forecast: April sales were 3.2 percent or five units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2018 sales forecast through April projected 543 closed transactions, while the actual sales were 530 units.
Supply: Athens/Limestone County housing inventory totaled 483 units, a decrease of 25.8 percent from April 2017. New-home inventory is up by 18 units year-over-year, while existing homes dipped by 191 units. April inventory was 5 percent above the prior month. This direction is consistent with historical data indicating that April inventory on average (2013-17) increases from March by 1.8 percent.
The inventory-to-sales ratio in April was 3.2 months of housing supply. At the April sales pace, it would take 3.2 months to absorb the current inventory for sale. This is a decrease of 32.7 percent from 4.8 months of supply in April 2017. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Demand: April residential sales were 5.6 percent above the prior month. This direction is consistent with historical data associated with April sales, which indicate a typical increase of 5.7 percent from March.
Pricing: The Athens/Limestone County area median sales price in April was $182,000, a decrease of 1.1 percent from the previous April and a 13.3 percent decrease from March. This direction is consistent with historical data (2013-17) reflecting that the April median sales price on average decreases from March by 4.1 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: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.
Click here to generate more graphs from the Athens/Limestone April 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.