Sales: According to the Cullman Association of Realtors, February residential sales increased 16.9% year-over-year from 65 to 76 closed transactions. Following seasonal trends, sales increased 10.1% from January. Results were 46.2% above the 5-year February average of 52 sales. Two more resources to review: Quarterly Report and Annual Report.
For all of the Cullman County’s housing data, click here.
Inventory: Total homes listed for sale in February declined 14.2% year-over-year from 459 to 394 listings. The market currently has 5.2 months of supply, down 26.4% from 7.1 months of supply in February 2019.
Pricing: The area’s median sales price in February was $162,450, an increase of 14% from one year ago and an increase of 2.2% from the prior month. This direction is consistent with historical data (2015-2019) indicating that the February median sales price on average increases from January by 11.1%. 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 homes sold during February was 131 days, up 7.4% from 122 days one year ago and down 2.2% from 134 days in January 2020.
Forecast: February sales were seven units, or 10.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 69 sales for the month, while actual sales were 76 units. ACRE forecast a total of 129 residential sales in the Shoals Area year-to-date, while there were 145 actual sales through February.
Click here to view the entire monthly report.
The Cullman County Residential Monthly Report is developed in conjunction with the Cullman Association of Realtors to better serve area consumers.