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 110 units during February, up 15 percent from the same month in 2016. Home sales in Morgan County during February 2016 totaled 96 units. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Morgan County February home sales totaled 110 units this year, compared to 96 a year ago.

Forecast: February sales were 18 units or 19 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through February projected 172 closed transactions, while the actual sales were 196 units.

Supply: Morgan County area housing inventory totaled 646 units, a decrease of 17 percent from February 2016. Inventory was 0.6 percent above the prior month. Historical data indicate February inventory on average (2012-16) increases from January by 0.6 percent.

The inventory-to-sales ratio during February was 5.9 months of housing supply. Restated, at the February sales pace, it would take 5.9 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during February. In February 2016, the supply stood at 8.1 months. The months-of-supply figure has declined 62 percent from the January peak reached in 2011 (15.3 months), which is encouraging news.

Demand: February residential sales rose 28 percent from the prior month. Historical data indicate February sales on average (2012-16) increase from January by 25.5 percent. The average days on the market until a listing sold was 120 days, up 11 percent from the previous February.

Pricing: The Morgan County median sales price during February was $99,900, which is 13 percent below February 2016’s $115,000 and 18 percent below the January median sales price. 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: “We expect the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”

Click here to generate more graphs from the Morgan County February 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.