Sales: According to the Morgan County Association of Realtors, February residential sales in the Decatur area (Morgan and Lawrence Counties) decreased 16.3% year-over-year (Y/Y) from 123 to 103 closed transactions. Following seasonal trends, sales increased 43.1% from January. Sales are now down 33.2% 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 February increased 77.7% year-over-year from 130 to 231 listings. Months of supply rose from 1.1 to 2.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in February was $239,555, a decrease of 0.1% from one year ago and an increase of 6.2% from January. 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 February averaged 39 days on the market (DOM), 15 days slower than February 2022.
Forecast: February sales were 7 units, or 7.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 103 units. ACRE forecast a total of 198 sales in the area year-to-date, while there were 175 actual sales through February, a difference of 11.5%.
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.
