Sales: According to the North Alabama Multiple Listing Service, Athens/Limestone County residential sales totaled 172 units during September, an increase of 21.1 percent above the same month in 2016, when sales totaled 142 units. Two more resources to review: Quarterly Report and Annual Report.
For all Athens/Limestone County area housing data, click here.
Forecast: August sales were 19.4 percent or 28 units above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through September projected 1,174 closed transactions, while the actual sales were 1,277 units.
Supply: Athens/Limestone County housing inventory totaled 632 units, a decrease of 16.1 percent from September 2016. New-home inventory is up by five units year-over-year, while existing homes dipped by 121 units. September inventory was 5 percent below the prior month. This direction is consistent with historical data indicating that September inventory on average (2012-16) decreases from August.
The inventory-to-sales ratio in September was 3.7 months of housing supply. Restated, at the September sales pace, it would take 3.7 months to absorb the current inventory for sale. This is a decrease of 30.7 percent from 5.3 months of supply in September 2016. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months.
Demand: September residential sales were 7.5 percent above the prior month.
Pricing: The Athens/Limestone County area median sales price in September was $179,250, an increase of 4.9 percent from the previous September and a decrease of 5.9 percent from August. This direction contrasts with historical data (2012-16) reflecting that the September median sales price on average increases from August. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting a local real estate professional.
Click here to generate more graphs from the Athens/Limestone September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.
The Athens/Limestone County Residential Monthly Report is developed in conjunction with the Athens/Limestone County Association of Realtors to better serve North Alabama consumers.