Sales: According to ValleyMLS.com, Morgan County residential sales totaled 103 units during January, down 1.9 percent from 105 sales in the same month a year earlier. January sales decreased 4.6 percent from 108 sales in December. Results were 23.8 percent above the five-year January average of 83 sales. Two more resources to review: Quarterly Report and the Annual Report.
For all Morgan County home sales data, click here.
Inventory: Homes listed for sale in Morgan County in January totaled 390 units, a decrease of 29 percent from January 2018’s 549 units, and a decrease of 2.3 percent from December 2018’s 399 units. The January months of supply totaled 3.8 months, a decrease of 27.6 percent from January 2018’s 5.2 months of supply. January’s months of supply increased 2.5 percent from December’s 3.7 months of supply.
Pricing: The Morgan County median sales price in January was $135,000, an increase of 6.4 percent from one year ago and an increase of 0.4 percent from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the January median sales price on average decreases from December by 4.7 percent. 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. The average number of days on the market (DOM) for the homes sold during January was 76 days, a decrease of 33.3 percent from 114 days in January 2018 and a decrease of 5 percent from 80 days in December.
Forecast: January sales were 16 units, or 18.4 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 87 sales for the month, while actual sales were 103 units. ACRE forecast a total of 1,496 residential sales in Morgan County during 2019, while there were 1,643 sales in 2018.
ACRE’s statewide perspective: After a strong 2018, statewide residential sales in January increased 1.1 percent year-over-year from 3,320 to 3,358 closed transactions. Home price appreciation in the state continued to climb as the median sales price in January increased 5.5 percent year-over-year from $143,152 to $151,015. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 7.4 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during January spent an average of 106 days on the market, an improvement of 10 days from 2018.
NAR’s national perspective: During January, total existing-home sales nationwide declined 9 percent from approximately 313,000 closed transactions one year ago to 285,000 currently. Lawrence Yun, chief economist for the National Association of Realtors, said, “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
Click here to view the entire monthly report.
The Morgan County Residential Monthly Report is developed in conjunction with the Morgan County Association of Realtors to better serve area consumers.