Sales: According to the North Alabama Multiple Listing Service, Morgan County residential sales totaled 177 units during July, up 52.6 percent from 116 sales in the same month a year earlier. July sales increased from 163 sales in June. Results were 47.5 percent above the five-year July average of 120 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 July totaled 495 units, a decrease of 28.2 percent from July 2017’s 689 units, and an increase of 2.1 percent from June 2018’s 485 units. Morgan County experienced a decline in months of supply. The July months of supply totaled 2.8 months, a decrease of 52.9 percent from July 2017’s 5.9 months of supply. July’s months of supply also decreased 6 percent from June’s 3 months of supply.

Pricing: The Morgan County median sales price in July was $143,000, an increase of 14.4 percent from one year ago and an increase of 2.1 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the July median sales price on average increases from June by 2 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 July was 56 days, a decrease of 35.6 percent from 87 days in July 2017, and a decrease of 32.5 percent from 83 days in June.

Forecast: July sales were 42 units, or 31.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 135 sales for the month, while actual sales were 177 units. ACRE forecast a total of 845 residential sales in Morgan County year-to-date, while there were 975 actual sales through July.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the second quarter of 2018. Total residential sales increased 10.4 percent year-over-year from 16,450 to 18,157 closed transactions. Home price appreciation in the state also continues its upward trajectory, as the median sales price during the second quarter increased 4.3 percent year-over-year from $155,278 to $161,975. Mirroring national trends, statewide inventory decreased 9.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during the second quarter. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during the second quarter of 2018 spent an average of 98 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective:  During June, nationwide sales volume for existing homes decreased 5 percent year-over-year from 600,000 to 570,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “there continues to be a mismatch since the spring between the growing level of home buyer demand in most of the country in relation to the actual pace of home sales, which are declining. The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast, and in many cases has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”

Click here to view the entire monthly report.

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