September home sales increase in the Decatur area

Sales: According to the Morgan County Association of Realtors, September residential sales in the Decatur area (Morgan and Lawrence Counties) increased 26.6% year-over-year from 139 to 176 closed transactions. Sales increased 2.3% from August, and are now up 1.8% 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 September declined 41.1% year-over-year from 353 to 208 listings. Months of supply declined from 2.5 to 1.2, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The area’s median sales price in September was $179,900, an increase of 2.8% from one year ago and an increase of 2.2% from August. 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 September averaged 37 days on the market (DOM), 21 days faster than September 2019.

Forecast: September sales were 24 units, or 15.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 152 sales for the month, while actual sales were 176 units. ACRE forecast a total of 1,359 residential sales in the area year-to-date, while there were 1,319 actual sales through September, a difference of 2.9%.

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 September 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.

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