Sales: According to the Cullman Association of Realtors, May residential sales increased 52.5% year-over-year from 80 to 122 closed transactions. Going along with seasonal trends, sales increased 3.4% from April. 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 May declined 56.7% year-over-year from 344 to 149 listings, extending the area’s streak of Y/Y inventory declines to 25 months. Months of supply (inventory to sales ratio) declined from 4.3 to 1.2, a record low and reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in May was $195,000, an increase of 18.3% from one year ago and an increase of 2.7% from April. 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 May averaged 87 days on the market (DOM), 37 days faster than May 2020.
Forecast: May sales were 8 units, or 6.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 114 sales for the month, while actual sales were 122 units. ACRE forecast a total of 498 sales year-to-date, while there were 506 actual sales through May, a difference of 1.7%.
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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.