Sales: According to the North Alabama Multiple Listing Service, Athens/Limestone County residential sales totaled 188 units during June, up 48 percent from 127 sales in the same month a year earlier. June sales were up 3.3 percent compared to 182 sales in May. Results were 70.9 percent above the five-year June average of 110 sales. Two more resources to review: Quarterly Report and  Annual Report.

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

Inventory: Total homes listed for sale in the Athens area in June totaled 492 units, a decrease of 28.4 percent from June 2017’s 687 units, and an increase of 1.4 percent from May 2018’s 485 units. Athens also experienced a decline in months of supply in June. June months of supply totaled 2.6 months, a decrease of 51.6 percent from June 2017’s 5.4 months of supply. June’s months of supply also decreased from May’s 2.7 months of supply.

Pricing: The Athens median sales price in June was $229,286, an increase of 14.7 percent from one year ago and an increase of 19.2 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the June median sales price on average increases from May by 1.1 percent. The homes selling in June spent an average of 60 days on the market (DOM), a decrease of 44.4 percent from 108 days in June 2017, while also decreasing 15.5 percent from 71 days in May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood.

Forecast: June sales were 10 units, or 5.6 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 178 sales for the month, while actual sales were 188 units. ACRE forecast a total of 903 residential sales in the Athens area year-to-date, while there were 900 actual sales through June.

ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

Click here to view the entire monthly report.

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.