Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the North Alabama Multiple Listing Service, Athens/Limestone County residential sales totaled 81 units during February, an increase of 25 percent or 16 units above the same period last year. Year-to-date home sales through February are up 23 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

For all of Athens/Limestone County area housing data, click here. 

Forecast: February sales were 17 percent or 12 units above our monthly forecast. Alabama Center for Real Estate‘s (ACRE) year-to-date sales forecast through February projected 119 closed transactions while the actual sales were 165 units, a favorable difference of 39 percent.

Athens home sales during February rose 25 percent over the same period last year.

Supply: Athens/Limestone County housing inventory totaled 696 units, a decrease of 15 percent from February 2015. New home inventory is up by 26 units year-over-year, while existing home sales dipped by 98 units. February inventory was 4.3 percent above the prior month. This direction is consistent with historical data indicating that February inventory on average (2011-15) increases from the month of January by 1.6 percent.

The inventory-to-sales ratio in February was 8.6 months of housing supply. Restated, at the February sales pace, it would take 8.6 months to absorb the current inventory for sale. This is a decrease (favorable direction) of 32 percent from 12.6 months of supply in February 2015. The market equilibrium (balance between supply and demand) during the month of February is considered to be approximately 6 months.

Demand: February residential sales were 3.6 percent above the prior month. This direction contrasts with historical data associated with February sales, which indicates a typical increase of 20.3 percent from January. Existing single family home sales accounted for 69 percent (down from 72 percent in February 2015) of total sales and new homes sales accounted for 30 percent (up from 26 percent in February 2015).

Pricing: The Athens/Limestone County area median sales price in February was $167,500, an increase of 9.4 percent from last February. It was also a 1.3 percent decrease from the prior month. This direction contrasts with historical data (2011-15) reflecting that the February median sales price on average increases from the month of January by 8.8 percent. Pricing can fluctuate from month-to-month as the sample size of data (closed transactions) is subject to seasonal buying patterns so a broader lens as it pertains to pricing trends is appropriate. We recommend consulting a local real estate professional.

Industry Perspective: “Our February results show the most modest consumer home price expectations since late 2012,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “For consumers who think it’s a bad time to buy a home, whose share has trended up from its recent low last November, high home prices have been an increasingly contributing factor. A slower pace of home price appreciation may provide some relief for potential homebuyers, especially first-time buyers who couldn’t reap the benefits of selling a home at high prices to buy another one.” For the full story, click here.

Homes sold during February in Athens sold for an average price of $192,003.

On average, homes sold during February in Athens spent 112 days on the market.

There were 696 units listed for sale in Athens during February.

The median sales price for homes sold in Athens during February was $167,500.

There were 8.6 months of supply on the market during February in Athens.

Year-to-date home sales in Athens during February are up 23 percent over the same period last year.

There were 81 units sold during February in Athens.

The Athens/Limestone County Residential Monthly Report is work product developed in conjunction with the Athens/Limestone County Association of Realtors to better serve North Alabama consumers.