Sales: According to the Cullman Association of Realtors, August residential sales increased 38% year-over-year from 108 to 149 closed transactions. Largely a result of pent-up demand, sales increased 30.7% from July. Sales are now up 11.6% 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 August declined 45.1% year-over-year from 446 to 245 listings, extending the area’s streak of Y/Y inventory declines to 16 months. Months of supply (inventory to sales ratio) declined from 4.1 to 1.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in August was $188,500, an increase of 10.9% from one year ago and an increase of 4.8% from July. 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 August averaged 133 days on the market (DOM), 33 days slower than August 2019.
Forecast: August sales were 47 units, or 46.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 102 sales for the month, while actual sales were 149 units. ACRE forecast a total of 705 residential sales in the Cullman County area year-to-date, while there were 743 actual sales through August, a difference of 5.4%.
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 August 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.