According to the Athens-Limestone Association of Realtors, September residential sales in the area decreased 18.2% year-over-year from 220 to 180 closed transactions.
While sales increased 10.4% from August, they are down 15.8% year-to-date, the group said.
Inventory: September listings (592) increased 2.4% from August and increased 21.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, down from 3.5 in August and up from 2.2 in September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in September was $327,512, an increase of 0.6% from one year ago and an increase of 5.6% from August. 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 September averaged 30 days on the market, 16 days slower than September 2022.
Forecast: September sales were 2 units, or 1.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 178 sales, and actual sales were 180 units. ACRE forecasted a total of 1,426 sales in the area year-to-date, while there were 1,470 actual sales through September, a difference of 3.1%.
New Construction: The 88 new homes sold represent 48.9% of all residential sales in the area in September. Total sales decreased 2.2% year-over-year. The median sales price in September was $320,825, a decrease of 1.2% from August and a decrease of 8.3% from one year ago.
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