Home sales in the Cullman area up significantly in January

Sales: According to the Cullman Association of Realtors, January residential sales increased 24.6% year-over-year from 69 to 86 closed transactions. Following seasonal trends, sales decreased 26.5% from December. 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 January declined 57.3% year-over-year from 400 to 171 listings, extending the area’s streak of Y/Y inventory declines to 21 months. Months of supply (inventory to sales ratio) declined from 5.8 to 2.0, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in January was $199,500, an increase of 25.5% from one year ago and an increase of 10.9% from December. 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 January averaged 89 days on the market (DOM), 45 days faster than January 2020.

Forecast: January sales were 6 units, or 8.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 80 sales for the month, while actual sales were 86 units.

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 January 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.