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 142 units during September, an increase of 24.6 percent or 28 units above the same month last year. Year-to-date home sales through September are up 17 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: September sales were 53 percent or 49 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 779 closed transactions, while the actual sales were 1,047 units, a favorable difference of 34 percent.

Home sales in Athens during September rose 25 percent over last September to 142 homes sold.

Supply: Athens/Limestone County housing inventory totaled 753 units, a decrease of 3 percent from September 2015. New-home inventory is up by 93 units year-over-year, while existing homes dipped by 95 units. September inventory was 1 percent below the prior month. This direction contrasts with historical data indicating that September inventory on average (2011-15) increases from August by 0.5 percent.

The inventory-to-sales ratio in September was 5.3 months of housing supply. Restated, at the September sales pace, it would take 5.3 months to absorb the current inventory for sale. This is a decrease (favorable direction) of 22 percent from 6.8 months of supply in September 2015. The market equilibrium (balance between supply and demand) during September is considered to be approximately 6 months.

Demand: September residential sales were 2.2 percent above the prior month. This direction is consistent with historical data associated with September sales, which indicate a typical increase of 13 percent from August. Existing single-family home sales accounted for 70 percent of total sales (down from 76 percent in September 2015), and new home sales accounted for 29 percent (up from 24 percent).

Pricing: The Athens/Limestone County area median sales price in September was $170,844, an increase of 10.2 percent from last September. It was a 0.5 percent increase from August. This direction is consistent with historical data (2011-15) reflecting that the September median sales price on average increases from August by 0.2 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: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Athens/Limestone September 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.