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 95 units during February, an increase of 17 percent or 14 units above the same month in 2016. Home sales during February 2016 totaled 81 units. Two more resources to review: Quarterly Report and Annual Report.

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

Home sales in Athens/Limestone County in February totaled 95 units, compared to 81 units a year ago.

Forecast: February sales were 7 percent or seven units below the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through February projected 181 closed transactions, while the actual sales were 194 units.

Supply: Athens/Limestone County housing inventory totaled 671 units, a decrease of 4 percent from February 2016. New-home inventory is up by seven units year-over-year, while existing homes dipped by 24 units. February inventory was 2 percent above the prior month. This direction is consistent with historical data indicating that February inventory on average (2012-16) increases from January by 1 percent.

The inventory-to-sales ratio in February was 7.1 months of housing supply. Restated, at the February sales pace, it would take 7.1 months to absorb the current inventory for sale. This is a favorable decrease of 18 percent from 8.6 months of supply in February 2016. The market equilibrium (balance between supply and demand) during February is considered to be approximately 6 months.

Demand: February residential sales were 4 percent below the prior month. This direction contrasts with historical data associated with February sales, which indicate a typical increase of 5.3 percent from January.

Pricing: The Athens/Limestone County area median sales price in February was $185,000, an increase of 10.4 percent from the previous February. It was a 9.5 percent increase from January. This direction is consistent with historical data (2012-16) reflecting that the February median sales price on average increases from January by 5.6 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 the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”

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