Home sales in the Cullman area decline in February

Sales: According to the Cullman Association of Realtors, February residential sales decreased 14.4% year-over-year from 76 to 65 closed transactions. Going against seasonal trends, sales decreased 24.4% from January. 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 February declined 57.4% year-over-year from 394 to 168 listings, extending the area’s streak of Y/Y inventory declines to 22 months. Months of supply (inventory to sales ratio) declined from 5.2 to 2.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in February was $209,900, an increase of 29.2% from one year ago and an increase of 5.2% from January. 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 February averaged 89 days on the market (DOM), 42 days faster than February 2020.

Forecast: February sales were 23 units, or 25.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 88 sales for the month, while actual sales were 65 units. ACRE forecast a total of 167 sales year-to-date, while there were 151 actual sales through February, a difference of 9.6%.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.