Sales: According to the ValleyMLS.com, Athens/Limestone County residential sales totaled 120 units during January, up 16.5 percent from 102 sales in the same month a year earlier. January sales were down 16.1 percent compared to 143 sales in December. Results were 47.8 percent above the five-year January average of 81 sales. Two more resources to review: Quarterly Report and  Annual Report.  

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

Inventory: Homes listed for sale in the Athens area in January totaled 390 units, a decrease of 25.6 percent from January 2018’s 524 units and a decrease of 7.6 percent from December 2018’s 422 units. January months of supply totaled 3.3 months, a decrease of 25.6 percent from January 2018’s 5.1 months of supply. January’s months of supply increased 10.1 percent from December’s 3 months of supply.

Pricing: The Athens median sales price in January was $237,312, an increase of 21.7 percent from one year ago and an increase of 11.7 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the January median sales price on average decreases from December by 4.8 percent. 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. The homes selling in January spent an average of 52 days on the market (DOM), a decrease of 36.6 percent from 82 days in January 2018 and an increase of 20.9 percent from 43 days in December.

Forecast: January sales were four units, or 3.5 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 116 sales for the month, while actual sales were 120 units. ACRE forecast a total of 2,033 residential sales in the Athens area during 2019, while there were 1,870 sales during 2018.

ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during January spent an average of 106 days on the market, an improvement of 10 days from 2018.

NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”