Home sales in the Cullman area continue to rise in November

Sales: According to the Cullman Association of Realtors, November residential sales increased 16.7% year-over-year from 72 to 84 closed transactions. Following seasonal trends, sales decreased 15.2% from October, and are now up 14.6% 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 November declined 56.7% year-over-year from 457 to 198 listings, extending the area’s streak of Y/Y inventory declines to 19 months. Months of supply (inventory to sales ratio) declined from 6.3 to 2.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in November was $227,000, an increase of 51.4% from one year ago and an increase of 19.5% from October. 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 November averaged 104 days on the market (DOM), 2 days slower than November 2019.

Forecast: November sales were 10 units, or 13.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 74 sales for the month, while actual sales were 84 units. ACRE forecast a total of 953 residential sales in the Cullman County area year-to-date, while there were 1,035 actual sales through November, a difference of 8.6%.

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 November 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.