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 144 units during April, up 20 percent from the same month in 2017. Home sales in Morgan County during April 2017 totaled 120 units. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Forecast: April sales were 24 units or 20 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through April projected 417 closed transactions, while the actual sales were 472 units.   

Supply: Morgan County area housing inventory totaled 514 units, a decrease of 25.8 percent from April 2017. Inventory was 1.8 percent above the prior month. Historical data indicate April inventory on average (2013-17) increases from March by 3.2 percent.

The inventory-to-sales ratio during April was 3.6 months of housing supply. At the April sales pace, it would take 3.6 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months. In April 2017, the supply stood at 5.8 months. The months-of-supply figure has declined 77.4 percent from the April peak reached in 2011 (15.8 months), which is encouraging news.

Demand: April residential sales improved 8.3 percent from the prior month. Historical data indicate April sales on average (2013-17) increase from March by 6.7 percent. The average days on the market until a listing sold was 67 days, down 36.8 percent from the previous April.

Pricing: The Morgan County median sales price during April was $141,500, which is 19.4 percent above April 2017’s $118,500 and 2.5 percent above the March 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: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.

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