Sales: According to ValleyMLS.com, Morgan County residential sales totaled 145 units during October, up 11.5% from 130 sales in the same month a year earlier. October sales were up 4.3% from 139 sales in September. Results were 25.4% above the five-year October average of 116 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 October totaled 345 units, a decrease of 21.2% from October 2018’s 438 units and down 2.3% from September 2019’s 353 units. The October months of supply totaled 2.4 months, a decrease of 29.4% from October 2018’s 3.4 months of supply. October’s months of supply decreased 6.3% from September’s 2.5 months of supply.
Pricing: The Morgan County median sales price in October was $166,500, an increase of 14.9% from one year ago and a decrease of 4.9% from the prior month. This direction is consistent with historical data (2014-18) indicating that the October median sales price on average decreases from September by 5%. 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 October was 41 days, a decrease of 28.1% from 57 days in October 2018 and a decrease of 29.3% from 58 days in September.
Forecast: October sales were 20 units, or 16%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 125 sales for the month, while actual sales were 145 units. ACRE forecast 1,288 residential sales in Morgan County year-to-date, while there were 1,441 actual sales through October.
ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.
NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
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.