Morgan County home sales take big jump compared to a year ago

Morgan County home sales take big jump compared to a year ago
During the first 11 months of 2018, Morgan County home sales exceeded the Alabama Center for Real Estate's projections by 16 percent. (iStock)

Sales: According to ValleyMLS.com, Morgan County residential sales totaled 110 units during November, up 27.9 percent from 86 sales in the same month a year earlier. November sales decreased from 130 sales in October. Results were 27.6 percent above the five-year November average of 86 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 November totaled 436 units, a decrease of 31.4 percent from November 2017’s 636 units, and a decrease of 0.5 percent from October 2018’s 438 units. The November months of supply totaled 4 months, a decrease of 46.4 percent from November 2017’s 7.4 months of supply. November’s months of supply increased from October’s 3.4 months of supply.

Pricing: The Morgan County median sales price in November was $145,500, a decrease of 0.3 percent from one year ago and an increase of 0.4 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average increases from October by 6.3 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 November was 63 days, a decrease of 12.5 percent from 72 days in November 2017 and an increase of 10.5 percent from 57 days in October.

Forecast: November sales were 15 units, or 15.8 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 95 sales for the month, while actual sales were 110 units. ACRE forecast a total of 1,327 residential sales in Morgan County year-to-date, while there were 1,535 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

 

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.

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