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 151 units during March, an increase of 45 percent or 47 units above the same month in 2016. Home sales during March 2016 totaled 104 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 rose by 47 units to 151 during March, compared to last year.

Forecast: March sales were 15 percent or 20 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through March projected 312 closed transactions, while the actual sales were 345 units.

Supply: Athens/Limestone County housing inventory totaled 659 units, a decrease of 7 percent from March 2016. New-home inventory is down by eight units year-over-year, while existing homes dipped by 39 units. March inventory was 2 percent below the prior month. This direction contrasts with historical data indicating that March inventory on average (2012-16) increases from February by 3.2 percent.

The inventory-to-sales ratio in March was 4.4 months of housing supply. Restated, at the March sales pace, it would take 4.4 months to absorb the current inventory for sale. This is a favorable decrease of 36 percent from 6.8 months of supply in March 2016. The market equilibrium (balance between supply and demand) during March is considered to be approximately 6 months.

Demand: March residential sales were 59 percent above the prior month. This direction is consistent with historical data associated with March sales, which indicate a typical increase of 37 percent from February.

Pricing: The Athens/Limestone County area median sales price in March was $175,000, a decrease of 5.1 percent from the previous March. It was a 5.4 percent decrease from February. This direction contrasts with historical data (2012-16) reflecting that the March median sales price on average increases from February by 0.3 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

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