Sales: According to the Cullman Association of Realtors, June residential sales decreased 7.6% year-over-year from 95 to 85 closed transactions. Following seasonal trends, sales increased 6.3% from May. Sales are now up 3.2% year-to-date, but are likely to moderate due to the growing economic impact of COVID-19. 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 June declined 37.1% year-over-year from 482 to 303 listings. Months of supply (inventory to sales ratio) declined from 5.2 to 3.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $180,158, an increase of 5.2% from one year ago and an increase of 9.3% from May. 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 June averaged 120 days on the market (DOM), 24 days slower than June 2019.
Forecast: June sales were nine units, or 9.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 94 sales for the month, while actual sales were 85 units. ACRE forecast a total of 502 residential sales in the Cullman County area year-to-date, while there were 480 actual sales through June, a difference of 4.4%.
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 June 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.
