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 137 units during April, an increase of 28 percent or 30 units above the same month in 2016. Home sales during April 2016 totaled 107 units. Two more resources to review: Quarterly Report and Annual Report.

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

Forecast: April sales were 10 percent or 11 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through April projected 438 closed transactions, while the actual sales were 482 units.

Supply: Athens/Limestone County housing inventory totaled 651 units, a decrease of 13 percent from April 2016. New-home inventory is down by 17 units year-over-year, while existing homes dipped by 77 units. April inventory was 1.2 percent below the prior month. This direction contrasts with historical data indicating that April inventory on average (2012-16) increases from March by 1.1 percent.

The inventory-to-sales ratio in April was 4.8 months of housing supply. Restated, at the April sales pace, it would take 4.8 months to absorb the current inventory for sale. This is a decrease of 32 percent from 7 months of supply in April 2016. The market equilibrium (balance between supply and demand) during April is considered to be approximately 6 months.

Demand: April residential sales were 9.3 percent below the prior month. This direction contrasts with historical data associated with April sales, which indicate a typical increase of 3.7 percent from March.

Pricing: The Athens/Limestone County area median sales price in April was $184,000, an increase of 24.3 percent from the previous April and 5.1 percent from March. This direction contrasts with historical data (2012-16) reflecting that the April median sales price on average decreases from March by 0.7 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 Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”

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