Athens homes selling in October spend average of 32 days on market

Athens homes selling in October spend average of 32 days on market
The Athens median home sales price in October was $225,500, a decrease of 4.2% from one year ago. (iStock)

Sales: According to ValleyMLS.com, Athens/Limestone County residential sales totaled 138 units during October, a decrease of 7.4% from 149 sales in the same month a year earlier. October sales were down 9.2% compared to 152 sales in September. Results were 20% above the five-year October average of 115 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 October totaled 321 units, a decrease of 31% from October 2018’s 465 units and a decrease of 6.7% from September 2019’s 344 units. October’s months of supply totaled 2.3 months, a decrease of 25.5% from October 2018’s 3.1 months of supply. October’s months of supply increased 2.8% from September’s months of supply.

Pricing: The Athens median sales price in October was $225,500, a decrease of 4.2% from one year ago and a decrease of 10.9% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the October median sales price on average increases from September 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 October spent an average of 32 days on the market (DOM), a decrease of 43.9% from 57 days in October 2018 and a decrease of 25.6% from 43 days in September.

Forecast: October sales were 28 units, or 16.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 166 sales for the month, while actual sales were 138 units. ACRE forecast a total of 1,694 residential sales in the Athens area year-to-date, and there were 1,694 actual sales through October.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

 

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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