Sales: According to the Cullman Association of Realtors, September residential sales increased 55.7% year-over-year from 70 to 109 closed transactions. Following seasonal trends, sales decreased 26.9% from August, and are now up 15.8% 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 September declined 55.1% year-over-year from 472 to 212 listings, extending the area’s streak of Y/Y inventory declines to 17 months. Months of supply (inventory to sales ratio) declined from 6.7 to 1.9, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in September was $169,900, an increase of 20.5% from one year ago and a decrease of 9.9% from August. 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 September averaged 98 days on the market (DOM), 13 days slower than September 2019.
Forecast: September sales were 20 units, or 22.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 89 sales for the month, while actual sales were 109 units. ACRE forecast a total of 794 residential sales in the Cullman County area year-to-date, while there were 852 actual sales through September, a difference of 7.3%.
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 September 1 – 30, 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.