Decatur area home sales up, inventory remains tight in July

Sales: According to the Morgan County Association of Realtors, July residential sales in the Decatur area (Morgan and Lawrence Counties) increased 10% year-over-year from 160 to 176 closed transactions. Sales increased 4.1% from June, and are now down 0.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all of Morgan County’s housing data, click here.

Inventory: Total homes listed for sale in July declined 49.9% year-over-year from 391 to 196 listings. Months of supply declined from 2.4 to 1.1, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in July was $194,000, an increase of 25.4% from one year ago and an increase of 9% from June. 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.

Homes sold in July averaged 44 days on the market (DOM), 11 days faster than July 2019.

Forecast: July sales were 9 units, or 5.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 167 sales for the month, while actual sales were 176 units. ACRE forecast a total of 1,032 residential sales in the area year-to-date, while there were 971 actual sales through July, a difference of 5.9%.

Click here to view the entire monthly report.

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

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.

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