Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the North Alabama Multiple Listing Service, Morgan County (Decatur) residential sales totaled 138 units during May, an increase of 0.7 percent or one unit above the same period last year. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Year-to-date home sales in Morgan County through May are up 10 percent over the same period last year.

Forecast: May sales were seven units or 5 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through May projected 492 closed transactions, while the actual sales were 575 units, a 16.8 percent positive difference.

Supply: Morgan County area housing inventory totaled 788 units, a decrease of 9 percent from May 2015. Inventory was 1.5 percent above the prior month. Historical data indicate May inventory on average (2011-15) increases from April by 1 percent.

The inventory-to-sales ratio during May was 5.7 months of housing supply. Restated, at the May sales pace, it would take 5.7 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during May. Last May, the months of supply stood at 6.3 months, so the 9.8 percent decrease points toward a market favoring sellers. The months of supply has now declined 54.6 percent from the May peak reached in 2009 (12.6 months), which is encouraging news.

Demand:  May residential sales were unchanged from the prior month. Historical data indicates May sales on average (2011-15) increase from April by 18.4 percent. The average days on market until a listing sold was 103 days, down 23.1 percent from last May.

Pricing: The Morgan County median sales price during May was $129,700, which is 8.7 percent below May 2015’s $142,000 and 2.1 percent ($132,500) below the April median sales price. This contrasts with historical data (2011-15) that indicate the median sales price increases 9.2 percent from April. Differing sample size from month to month 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.

Industry perspective: “Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home-buying season gains momentum, the effect may be muted by May’s discouraging jobs report.” For the full report on home purchase sentiment, click here.

The average sales price for homes sold in Morgan County during May was $139,105.

On average, homes sold in Morgan County during May spent 103 days on the market.

Home sales during May in Morgan County were unchanged compared to April.

There were 788 homes listed on the market during May.

The median sales price for homes sold during May in Morgan County was $129,700.

There were 5.7 months of supply on the market in Morgan County during May.

There were 138 homes sold in Morgan County during May.

The Morgan County Residential Monthly Report is developed in conjunction with the Morgan County Association of Realtors to better serve area consumers.