Home sales in the Cullman area up significantly in December

Sales: According to the Cullman Association of Realtors, December residential sales increased 69.6% year-over-year from 69 to 117 closed transactions. Sales increased 39.3% from November, and are now up 18.5% 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 December declined 56.8% year-over-year from 412 to 178 listings, extending the area’s streak of Y/Y inventory declines to 20 months. Months of supply (inventory to sales ratio) declined from 6.0 to 1.5, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in December was $179,900, an increase of 12.5% from one year ago and a decrease of 20.8% from November. 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 December averaged 103 days on the market (DOM), 5 days slower than December 2019.

Forecast: December sales were 48 units, or 69.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 69 sales for the month, while actual sales were 117 units. ACRE forecast a total of 1,022 residential sales in the Cullman County area year-to-date, while there were 1,152 actual sales through December, a difference of 12.7%.

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 December 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.