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 150 units during September, an increase of 26 percent or 31 units above the same period last year. Year to date, home sales through September increased 6.3 percent from the same period of 2015. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Home sales in Morgan County during September rose 26 percent over last year.

Forecast: September sales were 42 units or 39 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 966 closed transactions, while the actual sales were 1,154 units, a 19 percent positive difference.

Supply: Morgan County area housing inventory totaled 757 units, a decrease of 10 percent from September 2015. Inventory was 2.3 percent below the prior month. Historical data indicate September inventory on average (2011-15) decreases from August by 3.8 percent.

The inventory-to-sales ratio during September was 5 months of housing supply. Restated, at the September sales pace, it would take 5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during September. Last September, the months of supply stood at 7.1 months. The months of supply has declined 66 percent from the September peak reached in 2010 (14.7 months), which is encouraging news.

Demand: September residential sales dipped 1.3 percent from the prior month. Historical data indicate September sales on average (2011-15) decrease from August by 6.7 percent. The average days on market until a listing sold was 95 days, down 21 percent from last September.

Pricing: The Morgan County median sales price during September was $130,500, which is 9 percent above September 2015’s $119,500 and 1.8 percent above the August median sales price ($128,250). 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: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Morgan County September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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