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 99 units during January, an increase of 18 percent or 15 units above the same month in 2016. Home sales during January 2016 totaled 84 units. Two more resources to review: Quarterly Report and Annual Report.

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

Athens home sales during January rose 15 units or 18 percent over January 2016.

Forecast: January sales were 25 percent or 20 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast for January projected 79 closed transactions, while the actual sales were 99 units.

Supply: Athens/Limestone County housing inventory totaled 657 units, a decrease of 1.5 percent from January 2016. New-home inventory is down by 28 units year-over-year, while existing homes dipped by 32 units. January inventory was 3 percent above the prior month. This direction is consistent with historical data indicating that January inventory on average (2012-16) increases from December by 1 percent.

The inventory-to-sales ratio in January was 6.6 months of housing supply. Restated, at the January sales pace, it would take 6.6 months to absorb the current inventory for sale. This is a favorable decrease of 16 percent from 7.9 months of supply in January 2016. The market equilibrium (balance between supply and demand) during January is considered to be approximately 6 months.

Demand: January residential sales were 23 percent below the prior month. This direction is consistent with historical data associated with January sales, which indicate a typical decrease of 28.8 percent from December.

Pricing: The Athens/Limestone County area median sales price in January was $169,000, a decrease of 0.4 percent from the previous January. It was a 5 percent decrease from December. This direction is consistent with historical data (2012-16) reflecting that the January median sales price on average decreases from December by 17 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 expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”

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