Home sales in the Cullman area up slightly in October

Sales: According to the Cullman Association of Realtors, October residential sales increased 4.2% year-over-year from 95 to 99 closed transactions. Following seasonal trends, sales decreased 9.2% from September, and are now up 14.4% 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 October declined 52.9% year-over-year from 459 to 216 listings, extending the area’s streak of Y/Y inventory declines to 18 months. Months of supply (inventory to sales ratio) declined from 4.8 to 2.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in October was $189,900, an increase of 20.9% from one year ago and an increase of 11.8% from September. 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 October averaged 93 days on the market (DOM), 5 days slower than October 2019.

Forecast: October sales were 14 units, or 16.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 85 sales for the month, while actual sales were 99 units. ACRE forecast a total of 879 residential sales in the Cullman County area year-to-date, while there were 951 actual sales through October, a difference of 8.2%.

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 October 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.