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 132 units during June, a decrease of 0.8 percent or one unit below the same period last year. Year-to-date home sales through June are up 9 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: June sales were 33 percent or 33 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 487 closed transactions, while the actual sales were 641 units, a favorable difference of 31 percent.

Residential sales in Athens during June dipped by 0.8 percent compared to last year.

Supply: Athens/Limestone County housing inventory totaled 808 units, a decrease of 9 percent from June 2015. New-home inventory is up by 94 units year-over-year, while existing homes dipped by 119 units. June inventory was 1.9 percent above the prior month. This direction is consistent with historical data indicating that June inventory on average (2011-15) increases from May by 0.9 percent.

The inventory-to-sales ratio in June was 6.1 months of housing supply. Restated, at the June sales pace, it would take 6.1 months to absorb the current inventory for sale. This is a decrease (favorable direction) of 8.2 percent from 6.7 months of supply in June 2015. The market equilibrium (balance between supply and demand) during June is considered to be approximately 6 months.

Demand: June residential sales were 0.8 percent below the prior month. This direction contrasts with historical data associated with June sales, which indicate a typical increase of 3.8 percent from May. Existing single-family home sales accounted for 63 percent of total sales (down from 76 percent in June 2015), and new home sales accounted for 34 percent (up from 22 percent in June 2015).

Pricing: The Athens/Limestone County area median sales price in June was $164,000, an increase of 6.5 percent from last June. It was a 0.6 percent decrease from May. This direction contrasts with historical data (2011-15) reflecting that the June median sales price on average increases from May by 5 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: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold in Athens during June was $187,050.

On average, homes sold in Athens during June spent 95 days on the market.

Year-to-date home sales in Athens through June rose 9 percent over the same period last year.

There were 808 homes listed for sale in Athens during June.

The median sales price for homes sold in Athens during June was $164,000.

There were 6.1 months of housing supply on the market during June.

There were 132 homes sold in Athens during June.

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.