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 133 units during May, an increase of 38.5 percent or 37 units above the same period last year. Year-to-date home sales through May are up 46.5 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. 

There were 133 homes sold in the Athens area during May, a 38.5 percent increase over last year.

Forecast: May sales were 38 percent or 37 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through May projected 388 closed transactions, while the actual sales were 509 units, a favorable difference of 31 percent.

Supply: Athens/Limestone County housing inventory totaled 793 units, a decrease of 10 percent from May 2015. New-home inventory is up by 30 units year-over-year, while existing home sales dipped by 121 units. May inventory was 5.5 percent above the prior month. This direction is consistent with historical data indicating that May inventory on average (2011-15) increases from April by 3.9 percent.

The inventory-to-sales ratio in May was 5.9 months of housing supply. Restated, at the May sales pace, it would take 5.9 months to absorb the current inventory for sale. This is a decrease (favorable direction) of 35.7 percent from 9.2 months of supply in May 2015. The market equilibrium (balance between supply and demand) during May is considered to be approximately six months.

Demand: May residential sales were 24.3 percent above the prior month. This direction is consistent with historical data associated with May sales, which indicate a typical increase of 17.6 percent from April. Existing single-family home sales accounted for 69 percent (up from 57 percent in May 2015) of total sales, and new home sales accounted for 31 percent (down from 32 percent in May 2015).

Pricing: The Athens/Limestone County area median sales price in May was $165,000, a increase of 12 percent from last May. It was an 11.5 percent increase from April. This direction is consistent with historical data (2011-15) reflecting that the May median sales price on average increases from April 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: “Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home-buying season gains momentum, the effect may be muted by May’s discouraging jobs report.” For the full report on home purchase sentiment, click here.

The average sales price for homes sold in Athens during May was $179,954.

On average, homes sold in Athens during May spent 104 days on the market.

Year-to-date home sales in Athens rose nearly 50 percent over the same period last year through May.

There were 793 homes listed for sale in Athens during May.

There were 5.9 months of supply on the market in Athens during May.

The median sales price for homes sold in Athens during May was $165,000.

Home sales in Athens increased 24 percent from April during May.

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.