According to the Morgan County Association of Realtors, May residential sales in the Decatur area (Morgan and Lawrence Counties) increased 15.3% year-over-year (Y/Y) from 124 to 143 closed transactions. Sales decreased 4.0% from March. 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 May increased 67.6% year-over-year from 219 to 367 listings. Months of supply rose from 1.7 in May 2023 to 2.6 in May 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in May was $250,000, a decrease of 3.0% from one year ago and no change 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 May averaged 45 days on the market (DOM), 11 days slower than May 2023.
Forecast: May sales were 3 units, or 1.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 140 sales for the month, while actual sales were 146 units. ACRE forecast a total of 569 home sales year-to-date, while there were 595 actual sales through May, a difference of 4.6%.
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.
