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 132 units during March, up 9 percent from the same month in 2016. Home sales in Morgan County during March 2016 totaled 121 units. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Forecast: March sales were 17 units or 14 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through March projected 287 closed transactions, while the actual sales were 328 units.

Supply: Morgan County area housing inventory totaled 643 units, a decrease of 15 percent from March 2016. Inventory was 0.5 percent below the prior month. Historical data indicate March inventory on average (2012-16) increases from February by 1.6 percent.

The inventory-to-sales ratio during March was 4.9 months of housing supply. Restated, at the March sales pace, it would take 4.9 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during March. In March 2016, the supply stood at 6.2 months. The months-of-supply figure has declined 61 percent from the February peak reached in 2009 (12.6 months), which is encouraging news.

Demand: March residential sales rose 20 percent from the prior month. Historical data indicate March sales on average (2012-16) increase from February by 13 percent. The average days on the market until a listing sold was 120 days, up 15 percent from the previous March.

Pricing: The Morgan County median sales price during March was $130,250, which is 16 percent above March 2016’s $112,000 and 30 percent above the February 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

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