Sales: According to the North Alabama Multiple Listing Service, Morgan County residential sales totaled 163 units during June, down 10.4 percent from 182 sales in the same month a year earlier. However, June sales held steady from 163 sales in May. Results were 13.5 percent above the five-year June average of 144 sales. Two more resources to review: Quarterly Report and the Annual Report.

For all Morgan County home sales data, click here.

Inventory: Homes listed for sale in Morgan County in June totaled 485 units, a decrease of 20.2 percent from June 2017’s 608 units, and a decrease of 3.4 percent from May 2018’s 502 units. Morgan County also experienced a decline in months of supply in June. The June months of supply totaled 3 months, a decrease of 10.9 percent from June 2017’s 3.3 months of supply. June’s months of supply also decreased 3.4 percent from May’s 3.1 months of supply.

Pricing: The Morgan County median sales price in June was $140,000, an increase of 3.7 percent from one year ago and a decrease of 6.7 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the June median sales price on average increases from May by 1.3 percent. The differing sample size (number of residential sales of comparative months) 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. The average number of days on the market (DOM) for the homes sold during June was 83 days, a decrease of 21 percent from 105 days in June 2017, and a decrease of 17.8 percent from 101 days in May.

Forecast: June sales were 18 units, or 12.4 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 163 units. ACRE forecast a total of 710 residential sales in Morgan County year-to-date, while there were 798 actual sales through June.

ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”