DECATUR — There may be a light at the end of the home sales tunnel for the Decatur area.
According to the Morgan County Association of Realtors, July residential sales increased 1.7% from June in the Decatur area (Morgan and Lawrence counties). However, sales decreased 7.1% year-over-year (Y/Y) from 126 to 117.
Inventory: Total homes listed for sale in July increased 54.6% year-over-year from 280 to 433 listings. Months of supply rose from 2.2 in July 2023 to 3.7 in July 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $250,000, a decrease of 3.8% from one year ago and a decrease of 1.1% from June. 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 July averaged 48 days on the market (DOM), 20 days slower than July 2023.
Forecast: July sales were 20 units, or 14.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 137 sales for the month, while actual sales were 117 units. ACRE forecast a total of 858 home sales year-to-date, while there were 827 actual sales through July, a difference of 3.6%.
Click here to view the entire monthly report. For information, visit Quarterly Report and Annual Report.
For all of Morgan County’s housing data, click here.
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