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 107 units during April, an increase of 19 percent or 17 units above the same period last year. Year-to-date home sales through April are up 57.7 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

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

Forecast: April sales were 27 percent or 23 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through April projected 292 closed transactions, while the actual sales were 376 units, a favorable difference of 28 percent.

Year-to-date home sales in Athens during April rose 57.7 percent over the same period last year.

Supply: Athens/Limestone County housing inventory totaled 752 units, a decrease of 10.3 percent from April 2015. New-home inventory is up by 18 units year-over-year, while existing home sales dipped by 108 units. April inventory was 6.1 percent above the prior month. This direction is consistent with historical data indicating that April inventory on average (2011-15) increases from March by 1.6 percent.

The inventory-to-sales ratio in April was 7 months of housing supply. Restated, at the April sales pace, it would take 7 months to absorb the current inventory for sale. This is a decrease (favorable direction) of 24.5 percent from 9.3 months of supply in April 2015. The market equilibrium (balance between supply and demand) during April is considered to be approximately six months.

Demand: April residential sales were 2.9 percent above the prior month. This direction contrasts with historical data associated with April sales, which indicate a typical decrease of 1.7 percent from March. Existing single-family home sales accounted for 74 percent (up from 67 percent in April 2015) of total sales, and new home sales accounted for 25 percent (down from 31 percent in April 2015).

Pricing: The Athens/Limestone County area median sales price in April was $148,000, a decrease of 5.3 percent from last April. It was also a 20 percent decrease from March. This direction is consistent with historical data (2011-15) reflecting that the April median sales price on average decreases from March by 2.2 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 can partially attribute the sizable gain in April in home-selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the entire report, click here.

On average, homes sold in Athens during April spent 87 days on the market.

The average sales price for homes sold in Athens during April was $166,594.

The median sales price for homes sold in Athens during April was $148,000.

There were 7 months of supply on the market in Athens during April.

Home sales in Athens during April rose 19 percent over 2015.

There were 752 homes on the market in Athens during April.

There were 107 homes sold in Athens during April.

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.