Athens-area home sales up 19% from one year ago

Athens-area home sales up 19% from one year ago
The Athens median home sales price in July was $235,936, an increase of 7.5% from the same month last year. (iStock)

Sales: According to ValleyMLS.com, Athens/Limestone County residential sales totaled 189 units during July, an increase of 18.9% from 159 sales in the same month a year earlier. July sales were up 0.5% compared to 188 sales in June. Results were 38.6% above the five-year July average of 136 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 July totaled 343 units, a decrease of 31.7% from July 2018’s 502 units and a decrease of 6.8% from June 2019’s 368 units. July’s months of supply totaled 1.8 months, a decrease of 42.5% from July 2018’s 3.2 months of supply. July’s months of supply decreased 7.3% from June’s 2 months of supply.

Pricing: The Athens median sales price in July was $235,936, an increase of 7.5% from one year ago and a decrease of 7.5% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the July median sales price on average increases from July by 5.9%. 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 July spent an average of 38 days on the market (DOM), a decrease of 15.6% from 45 days in July 2018 and a decrease of 50% from 76 days in June.

Forecast: July sales were nine units, or 4.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 198 sales for the month, while actual sales were 189 units. ACRE forecast a total of 1,142 residential sales in the Athens area year-to-date, while there were 1,202 actual sales through July.

ACRE’s statewide perspective: After a slight decline in June, statewide residential sales rebounded in July, increasing 10.2% from 5,722 closed transactions in July 2018 to 6,307 in July 2019. Year-to-date, sales are up 3.1% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in July increased 4.6% year-over-year from $169,178 to $176,926. The statewide median sales price is up 4.2% year-to-date. While nationwide inventory levels (active listings) decreased 1.6% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.9% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the summer buying season of 2019. With low inventory levels, it is surprising to see homes selling at a slightly slower pace than one year ago. Homes selling in Alabama during July spent an average of 89 days on the market, an increase of three days from July 2018.

NAR’s national perspective: After a 7.4% drop in June, existing home sales strengthened in July. Nationwide residential sales increased 3.3% from approximately 523,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.3% in July, marking 89 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Falling mortgage rates are improving housing affordability and nudging buyers into the market.” However, he added that the supply of affordable housing is low across the nation. “The shortage of lower-priced homes has markedly pushed up home prices.”

 

 

 

 

 

 

 

 

 

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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