The Long & Foster Market Minute

Focus On: Morgan County Housing Market March 2021

Units Sold
26
Active Inventory
20
Median Sale Price
$202,750
Days On Market
85
Down
Vs. Year Ago
Down -81%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 26 sold this month in Morgan County Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 83 units or 81%. The total number of active inventory this March was 20 compared to 103 in March 2020. This month's total of 20 is lower than the previous month's total supply of available inventory of 36, a decrease of 44%.

Median Sale Price
Last March, the median sale price for Morgan County Homes was $187,500. This March, the median sale price was $202,750, an increase of 8% or $15,250 compared to last year. The current median sold price is 7% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
37
Current Contracts
42
Sold Vs. List Price
97.5%
Months of Supply
0.8
No Change
Vs. Year Ago
Up 62%
Vs. Year Ago
Up 2.7%
Vs. Year Ago
Down -79%
Vs. Year Ago

Months of Supply
In March, there was 0.8 months of supply available in Morgan County, compared to 3.7 in March 2020. That is a decrease of 79% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 37 homes newly listed for sale in Morgan County, which is similar to the amount in March 2020. There were 42 current contracts pending sale this March compared to 26 a year ago. The number of current contracts is 62% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Morgan County was 97.5% of the average list price, which is 2.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 85, lower than the average last year, which was 101, a decrease of 16%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.