Sales: According to ValleyMLS.com, Morgan County residential sales totaled 139 units during September, up 1.5% from 137 sales in the same month a year earlier. September sales were down 24.5% from 184 sales in August. Results were 9.3% above the five-year September average of 127 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 September totaled 353 units, a decrease of 23.4% from September 2018’s 461 units and unchanged from August 2019’s 353 units. The September months of supply totaled 2.5 months, a decrease of 24.5% from September 2018’s 3.4 months of supply. September’s months of supply increased 32.4% from August’s 1.9 months of supply.

Pricing: The Morgan County median sales price in September was $175,000, an increase of 22.5% from one year ago and an increase of 22.4% from the prior month. This direction is consistent with historical data (2014-18) indicating that the September median sales price on average increases from August by 2.2%. 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 September was 58 days, a decrease of 9.4% from 64 days in September 2018 and an increase of 23.4% from 47 days in August.

Forecast: September sales were eight units, or 6.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 131 sales for the month, while actual sales were 139 units. ACRE forecast 1,163 residential sales in Morgan County year-to-date, while there were 1,296 actual sales through September.

ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.

NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

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.