Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the North Alabama Multiple Listing Service, Morgan County (Decatur) residential sales totaled 88 units during December, a decrease of 6.4 percent or six units below the same period last year. Year-to-date sales through December were 21 percent from 2014. Two more resources to review: Quarterly Report and Annual Report.

Click here for all of ACRE’s Morgan County residential data.

Home sales in Morgan County totaled 88 units during the month of December.

Forecast: December sales were five units or 6 percent above our monthly forecast. ACRE’s year-to-date sales forecast through December projected 1,122 closed transactions while the actual sales were 1,370 units, a rise of 22 percent.

Supply: Morgan County area housing inventory totaled 773 units, a decrease of 12 percent from December 2014. Inventory was also 0.4 percent below the prior month. Historical data indicates December inventory on average (2010-14) decreases from the month of November by 2.8 percent. The inventory-to-sales ratio during December was 8.8 months of housing supply. Restated, at the December sales pace, it would take 8.8 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during the month of December. Last December, the months of supply stood at 9.4 months, so the 6.3 percent decrease points toward a market favoring sellers. The months of supply has now declined 43 percent from the month of December peak (15.4 months) reached in 2010 which is encouraging news.

Demand:  December residential sales were 6 percent above the prior month. This is consistent with historical data, which indicates December sales on average (2010-14) increase from the month of November by 22.7 percent. The average Days on Market (DOM) until a listing sold was 112 days, down 10.4 percent from last December.

Pricing: The Morgan County median sales price during December was $124,000, which is 10.8 percent below December 2014’s $111,950 but 0.8 percent ($125,000) below the month prior. This contrasts with historical data (2010-14) which indicates the median sales price increases 7 percent from November. It should also be noted that the differing sample size (# of residential sales of comparative months) can contribute to statistical volatility including pricing. We highly recommend consulting with a local real estate professional to discuss pricing as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook. This more positive consumer sentiment brought the HPSI up a few points, moving the index up for all of 2015,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Brightening economic prospects, if sustained, should stimulate demand for homeownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time homebuyers could face affordability constraints.” For full report click here.

The average home in Morgan County during December sold for $140,593.

On average, homes sold during the month of December in Morgan County spent 112 days on the market.

Inventory dropped to 773 units during December in Morgan County.

The Morgan County December median sales price was $124,000.

There was 8.8 months of supply in Morgan County during December.

Year-end sales were up 21 percent over 2014.

There were 88 units sold in Morgan County during December, up 6 percent over November.

Bryan Davis is the research/media Coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Morgan County Residential Monthly Report is work product developed in conjunction with the Morgan County Association of Realtors to better serve area consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within an area including subdivisions, and ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market. The Morgan County Association of Realtors (MCAOR) promotes educates and supports its members in serving the public while adhering to the RealtorCode of Ethics. In partnership withe Alabama Association of Realtors and the National Association of Realtors, MCAOR to expand opportunities for real property ownership and to preserve private property rights.  The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.