Athens-area home sales decline 34% year-over-year in February

Sales: According to the Athens-Limestone Association of Realtors, February residential sales in the area decreased 33.5% year-over-year (Y/Y) from 170 to 113 closed transactions. Sales increased 15.3% from January. Sales are down 33.2% 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: February listings (496) decreased 1.2% from January and increased 213.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, down from 5.1 in January and up from 0.9 in February 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The area’s median sales price in February was $309,900, a decrease of 2.2% from one year ago and a decrease of 0.5% from January. 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 February averaged 41 days on the market (DOM), 32 days slower than February 2022. 

Forecast: February sales were 1 unit, or 0.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 114 sales, and actual sales were 113 units. ACRE forecast a total of 219 sales in the area year-to-date, while there were 211 actual sales through February, a difference of 3.7%.  

New Construction: The 45 new homes sold represent 39.8% of all residential sales in the area in February. Total sales decreased 28.6% year-over-year. The median sales price in February was $316,000, a decrease of 1.5% from January and a decrease of 5.4% from 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.