Sales: According to the ValleyMLS.com, Athens/Limestone County residential sales totaled 146 units during February, up 9.8 percent from 133 sales in the same month a year earlier. February sales were up 21.7 percent compared to 120 sales in January. Results were 70.6 percent above the five-year February average of 86 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 February totaled 366 units, a decrease of 24.5 percent from February 2018’s 485 units and a decrease of 6.2 percent from January 2018’s 390 units. February months of supply totaled 2.5 months, a decrease of 31.3 percent from February 2018’s 3.6 months of supply. February’s months of supply decreased 22.9 percent from January’s 3.3 months of supply.

Pricing: The Athens median sales price in February was $207,510, an increase of 12.2 percent from one year ago and a decrease of 12.6 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the February median sales price on average decreases from January by 1.4 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 February spent an average of 56 days on the market (DOM), a decrease of 23.3 percent from 73 days in February 2018 and an increase of 7.7 percent from 52 days in January.

Forecast: February sales were 25 units, or 20.7 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 121 sales for the month, while actual sales were 146 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: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.

NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”

Click here to view the entire monthly report. 

The Athens-Limestone Monthly report is developed in conjunction with the Athens-Limestone Association of Realtors to better serve its area consumers.