Cullman area home sales rebound in July 2020

Sales: According to the Cullman Association of Realtors, July residential sales increased 22.6% year-over-year from 93 to 114 closed transactions. Largely a result of pent-up demand, sales increased 34.1% from June. Sales are now up 6.5% year-to-date. 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 July declined 46.5% year-over-year from 462 to 247 listings. Months of supply (inventory to sales ratio) declined from 5.0 to 2.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in July was $179,950, an increase of 15.9% from one year ago and an increase of 0.1% from June. 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 July averaged 92 days on the market (DOM), 23 days faster than July 2019.

Forecast: July sales were 13 units, or 12.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 101 sales for the month, while actual sales were 114 units. ACRE forecast a total of 603 residential sales in the Cullman County area year-to-date, while there were 594 actual sales through July, a difference of 1.5%.

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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.