Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 29, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
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Sales: According to the Cullman Association of Realtors, March residential sales increased 7.8% year-over-year from 77 to 83 closed transactions. Following seasonal trends, sales increased 9.2% from February. Sales are now up 28.8% year-to-date, but are likely to moderate due to the COVID-19 pandemic. Two more resources to review: Quarterly Report and Annual Report.
For all of the Cullman County area’s housing data, click here.
Inventory: Total homes listed for sale in March declined 12.1% year-over-year from 473 to 416 listings. Months of supply (inventory to sales ratio) dropped from 6.1 to 5, reflecting a slight seller’s market in the area.
Pricing: The area’s median sales price in March was $159,900, an increase of 15.4% from one year ago and a decrease of 1.6% from the prior month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in March averaged 119 days on the market (DOM), 4 days slower than March 2019.
Forecast: March sales were eight units, or 8.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month, while actual sales were 83 units. ACRE forecast a total of 220 residential sales in the Cullman County area year-to-date, while there were 228 actual sales through March, a difference of 3.6%.
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.
