Sales: According to the Athens-Limestone Association of Realtors, April residential sales in the area decreased 11.6% year-over-year (Y/Y) from 199 to 176 closed transactions. Following seasonal trends, sales decreased 16.6% from March. Sales are now down 8.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Athens (Limestone County) housing data, click here.
Inventory: Total homes listed for sale in April increased 60.8% year-over-year from 120 to 193 listings. Months of supply increased from 0.6 to 1.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in April was $334,750, an increase of 23.2% from one year ago and an increase of 3.0% from March. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in April averaged 8 days on the market (DOM), 11 days faster than April 2021.
Forecast: April sales were 29 units, or 14.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 205 sales, and actual sales were 1176 units. ACRE forecast a total of 755 sales in the area year-to-date, while there were 703 actual sales through April, a difference of 6.8%.
New Construction: The 75 new homes sold represent 42.6% of all residential sales in the area in April. Total sales decreased 7.4% year-over-year. The median sales price in April was $355,705, an increase of 4.2% from March and an increase of 26.7% from one year ago.
Statewide Summary: Home sales cooled off in April, falling 6.0% from one year ago. Fast-rising mortgage rates, rising home prices, and inflation have resulted in a slower pace of buyer activity. More declines are expected in the coming months as home sales are likely to return to pre-pandemic levels. Slowing home sales will encourage home price growth to readjust towards more sustainable rates while also encouraging a gradual increase in supply.
Home sales prices continue to trend upwards with the statewide median sales price reaching the highest level on record in April ($234,100), an increase of 16.0% from one year ago. As demand slows, price growth is expected to moderate to the 8-10% range by the fourth quarter of 2022.
After reaching a record low in February 2022, inventory is beginning to trend upwards. April listings increased 24.2% from March and increased 4.3% from one year ago, the first year-over-year inventory gain at the statewide level in over seven years. Inventory is expected to continue growing but at a slow pace as sales activity cools. The imbalance between supply and demand, however, continued in April with just 1.5 months of supply, while a balanced market has 4-6 months of supply.
National Summary: According to the National Association of Realtors (NAR), existing home sales declined for the third consecutive month in April, falling 2.4% from March (seasonally adjusted annual rate). Sales increased from the prior month in the Northeast and Midwest, while they slowed in the South and West regions. Year-over-year, national home sales declined 5.9%.
The median sales price for all housing types was $391,200, rising 14.8% year-over-year and marking 122 consecutive months of year-over-year gains. Rising home prices are largely a result of low housing inventory amid sustained demand. Existing home inventory totaled 1,030,000 listings at the end of April, up 10.8% from March 2021 and down 10.4% from 1.15 million listings one year ago. April’s 2.2 months of supply (MOS) increased from 1.9 during March but is down slightly from 2.3 one year ago.
Click here to view the entire monthly report.
The Athens Area (Limestone County) Monthly Residential Report is developed in conjunction with the Athens-Limestone Association of Realtors to better serve area consumers.