Sales: According to ValleyMLS.com, Morgan County residential sales totaled 100 units during February, up 11.1 percent from 90 sales in the same month a year earlier. February sales decreased 2.9 percent from 103 sales in January. Results were 7.1 percent above the five-year February average of 93 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 February totaled 356 units, a decrease of 32.3 percent from February 2018’s 526 units, and a decrease of 8.7 percent from January 2019’s 399 units. The February months of supply totaled 3.6 months, a decrease of 39.1 percent from February 2018’s 5.8 months of supply. February’s months of supply decreased 6 percent from January’s 3.8 months of supply.

Pricing: The Morgan County median sales price in February was $144,900, an increase of 15 percent from one year ago and an increase of 7.3 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the February median sales price on average increases from January by 2.5 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 February was 75 days, a decrease of 22.7 percent from 97 days in February 2018 and a decrease of 1.3 percent from 76 days in January.

Forecast: February sales were two units, or 2 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 98 sales for the month, while actual sales were 100 units. ACRE forecast a total of 185 residential sales in Morgan County year-to-date, while there were 203 actual sales through February.

ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.

NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”

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.