Athens median home sales price jumps 25 percent in November compared to a year ago

Athens median home sales price jumps 25 percent in November compared to a year ago
The Athens median home sales price in November was $217,000. (iStock)

Sales: According to the, Athens/Limestone County residential sales totaled 162 units during November, up 4.5 percent from 155 sales in the same month a year earlier. November sales were also up 8.7 percent compared to 149 sales in October. Results were 58.2 percent above the five-year November average of 102 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 November totaled 457 units, a decrease of 22.1 percent from November 2017’s 587 units and a decrease of 1.7 percent from October 2018’s 465 units. November months of supply totaled 2.8 months, a decrease of 25.5 percent from November 2017’s 3.8 months of supply. November’s months of supply also decreased from October’s 3.1 months of supply.

Pricing: The Athens median sales price in November was $217,000, an increase of 24.7 percent from one year ago and a decrease of 6.5 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average decreases from October by 8 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 November spent an average of 51 days on the market (DOM), a decrease of 34.6 percent from 78 days in November 2017, and a decrease of 10.5 percent from 57 days in October.

Forecast: November sales were two units, or 1.3 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 160 sales for the month, while actual sales were 162 units. ACRE forecast a total of 1,777 residential sales in the Athens area year-to-date, while there were 1,727 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

Related Stories