Sales: According to the Cullman Association of Realtors, April residential sales decreased 13.9% year-over-year from 101 to 87 closed transactions. Following seasonal trends, sales increased 4.8% from March. Sales are now up 13.3% year-to-date, but are likely to moderate due to the economic impact of 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 April declined 19% year-over-year from 501 to 406 listings. Months of supply (inventory to sales ratio) declined from 5.0 to 4.7, reflecting a seller’s market in the area.
Pricing: The area’s median sales price in April was $176,900, an increase of 17.9% from one year ago and a decrease of 10.6% from March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in April averaged 107 days on the market (DOM), 13 days faster than April 2019.
Forecast: April sales were seven units, or 6.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 93 sales for the month, while actual sales were 87 units. ACRE forecast a total of 313 residential sales in the Cullman County area year-to-date, while there were 315 actual sales through April, a difference of 0.6%.
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.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 30, 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.
