ALABAMA REAL ESTATE JOURNAL

Morgan County home sales increase again in April

Sales: According to the Morgan County Association of Realtors, April residential sales in the Decatur area (Morgan and Lawrence Counties) increased 11.9% year-over-year (Y/Y) from 143 to 160 closed transactions, marking eight consecutive months of Y/Y gains. Following seasonal trends, sales increased 3.9% from March. Sales are now up 13.7% 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 April declined 50.7% year-over-year from 231 to 114 listings. Months of supply declined from 1.6 to 0.7, a record low and reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in April was $185,000, an increase of 12.1% from one year ago and an increase of 2.8% from March. 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 April averaged 26 days on the market (DOM), 22 days faster than April 2020.

Forecast: April sales were 6 units, or 3.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 166 sales for the month, while actual sales were 160 units. ACRE forecast a total of 581 sales in the area year-to-date, while there were 557 actual sales through April, a difference of 4.2%.

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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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