Sales: According to ValleyMLS.com, Morgan County residential sales totaled 108 units during December, down 10 percent from 120 sales in the same month a year earlier. December sales decreased from 110 sales in November. Results were 7.6 percent above the five-year December average of 100 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 December totaled 399 units, a decrease of 26.7 percent from December 2017’s 544 units, and a decrease of 8.5 percent from November 2018’s 436 units. The December months of supply totaled 3.7 months, a decrease of 51.7 percent from December 2017’s 4.5 months of supply. December’s months of supply decreased 6.8 percent from November’s 4 months of supply.

Pricing: The Morgan County median sales price in December was $134,500, an increase of 6.4 percent from one year ago and a decrease of 7.6 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the December median sales price on average decreases from November by 6.6 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 December was 80 days, a decrease of 4.8 percent from 84 days in December 2017 and an increase of 27 percent from 63 days in November.

Forecast: December sales were three units, or 2.9 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 105 sales for the month, while actual sales were 108 units. ACRE forecast a total of 1,432 residential sales in Morgan County during 2018, while there were 1,643 actual sales through December.

ACRE’s statewide perspective: After 10 consecutive months of gains, statewide residential sales in December decreased 1.6 percent year-over-year from 4,371 to 4,303 closed transactions. For the entire year, statewide residential sales increased 6.3 percent from 57,427 in 2017 to 61,062 in 2018. Home price appreciation in the state continued to climb as the median sales price in December increased 4.7 percent year-over-year from $151,667 to $158,772. The median sales price for all of 2018 was up 4.6 percent from 2017. Although nationwide inventory levels are trending upwards, Alabama’s residential inventory decreased 6.9 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 December spent an average of 102 days on the market, an improvement of 11 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.