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 86 units during January, up 5 percent from the same month in 2015. Home sales in Morgan County during January 2016 totaled 82 units. Another resource to review is the Annual Report.

Click here for all Morgan County residential data.

Forecast: January sales were six units or 7 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2016 sales forecast through January projected 80 closed transactions, while the actual sales were 86 units.

Home sales in Morgan County rose four units or 5 percent to start the year when compared to January 2016.

Supply: Morgan County area housing inventory totaled 642 units, a decrease of 17.7 percent from January 2016. Inventory was 5 percent below the prior month. Historical data indicate January inventory on average (2012-16) increases from December by 2.8 percent.

The inventory-to-sales ratio during January was 7.5 months of housing supply. Restated, at the January sales pace, it would take 7.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during January. In January 2016, the supply stood at 9.5 months. The months-of-supply figure has declined 60 percent from the December peak reached in 2011 (18.7 months), which is encouraging news.

Demand: January residential sales dipped 20 percent from the prior month. Historical data indicate January sales on average (2012-16) decrease from December by 15.7 percent. The average days on the market until a listing sold was 98 days, down 24 percent from the previous January.

Pricing: The Morgan County median sales price during January was $121,500, which is 9.5 percent above January 2016’s $110,950 and 3.4 percent above the December median sales price. Differing sample size from month to month 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.

Industry perspective: “We expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”

Click here to generate more graphs from the Morgan County January Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

The Morgan County Residential Monthly Report is developed in conjunction with the Morgan County Association of Realtors to better serve area consumers.