Morgan County home sales decrease 21% year-over-year in March

Sales: According to the Morgan County Association of Realtors, March residential sales in the Decatur area (Morgan and Lawrence Counties) decreased 20.6% year-over-year (Y/Y) from 160 to 127 closed transactions. Following seasonal trends, sales increased 23.3% from February. Sales are now down 28.4% 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 March increased 51.1% year-over-year from 137 to 207 listings. Months of supply rose from 0.9 in March 2022 to 1.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in March was $233,000, an increase of 8.6% from one year ago and a decrease of 2.7% from February. 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 March averaged 42 days on the market (DOM), 19 days slower than March 2022. 

Forecast: March sales were 13 units, or 9.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 140 sales for the month, while actual sales were 127 units. ACRE forecast a total of 338 sales in the area year-to-date, while there were 302 actual sales through March, a difference of 10.5%.  

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.