Athens home sales up 28.5% from one year ago

Athens home sales up 28.5% from one year ago
The Athens median home sales price in April was $199,950, an increase of 9.9% from the same month last year. (iStock)

Sales: According to ValleyMLS.com, Athens/Limestone County residential sales totaled 194 units during April, up 28.5% from 151 sales in the same month a year earlier. April sales were up 16.9% compared to 166 sales in March. Results were 67.8% above the five-year April average of 116 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 April totaled 368 units, a decrease of 23.8% from April 2018’s 483 units and an increase of 8.2% from March 2019’s 340 units. April months of supply totaled 1.9 months, a decrease of 40.7% from April 2018’s 3.2 months of supply. April’s months of supply decreased 7.4% from March’s 2 months of supply.

Pricing: The Athens median sales price in April was $199,950, an increase of 9.9% from one year ago and a decrease of 5.8% from the prior month. This direction is consistent with historical data (2014-18) indicating that the April median sales price on average decreases from March by 8.2%. 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 April spent an average of 48 days on the market (DOM), a decrease of 38.5% from 78 days in April 2018 and an decrease of 31.4% from 70 days in March.

Forecast: April sales were 27 units, or 16.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 167 sales for the month, while actual sales were 194 units. ACRE forecast a total of 565 residential sales in the Athens area year-to-date, while there were 626 actual sales through April.

ACRE’s statewide perspective: While nationwide residential sales dropped 1% in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4% from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8% from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2% year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season 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 April spent an average of 93 days on the market, an improvement of three days from April 2018.

NAR’s national perspective: During April, total existing-home sales nationwide declined 1.1% from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6% in April, marking 86 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions. Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”

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.

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