ALABAMA REAL ESTATE JOURNAL

Morgan County home sales decline in October

Sales: According to the Morgan County Association of Realtors, October residential sales in the Decatur area (Morgan and Lawrence Counties) decreased 20.5% year-over-year (Y/Y) from 166 to 132 closed transactions. Following seasonal trends, sales decreased 21.0% from September. Sales are now up 1.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

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

Inventory: October listings (193) increased 17.7% from September but declined 3.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.5 months, up from  1.0 months in September and up from 1.2 months in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The area’s median sales price in October was $205,000, an increase of 13.9% from one year ago and a decrease of 2.4% from September. 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 October averaged 14 days on the market (DOM), 25 days faster than October 2020. 

Forecast: October sales were 26 units, or 16.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 158 sales for the month, while actual sales were 132 units. ACRE forecast a total of 1,642 sales in the area year-to-date, while there were 1,504 actual sales through October, a difference of 8.4%.  

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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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