Morgan County median home sales price up 15% from one year ago

Morgan County median home sales price up 15% from one year ago
Despite a monthly dip in June, the number of homes sold in Morgan County during the first half of the year remain 10 percent ahead of the Alabama Center for Real Estate's 2019 projections to date. (iStock)

Sales: According to ValleyMLS.com, Morgan County residential sales totaled 146 units during June, down 10.4% from 163 sales in the same month a year earlier. June sales were down 7.6% from 158 sales in May. Results were 4.9% below the five-year June average of 154 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 June totaled 374 units, a decrease of 22.9% from June 2018’s 485 units, and an increase of 5.6% from May 2019’s 354 units. The June months of supply totaled 2.6 months, a decrease of 13.9% from June 2018’s 3 months of supply. June’s months of supply increased 14.3% from May’s 2.2 months of supply.

Pricing: The Morgan County median sales price in June was $161,500, an increase of 15.4% from one year ago and an increase of 4.2% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the June median sales price on average decreases from May by 2.9%. 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 June was 59 days, a decrease of 28.9% from 83 days in June 2018 and an increase of 1.7% from 58 days in May.

Forecast: June sales were five units, or 3.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 151 sales for the month, while actual sales were 146 units. ACRE forecast a total of 740 residential sales in Morgan County year-to-date, while there were 813 actual sales through June.

ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during May spent an average of 88 days on the market, an improvement of 12 days from May 2018.

NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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