Cullman-area home sales decline, inventory rises in August

Sales: According to the Cullman Association of Realtors, August residential sales decreased 30.2% year-over-year from 149 to 104 closed transactions. Sales also decreased 5.5% from July.  Sales are now up 13.7% 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: August listings (305) increased 106.1% from July and 24.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up from 1.3 month in July and up from 1.6 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply

Pricing: The area’s median sales price in August was $196,150, an increase of 4.1% from one year ago and a decrease of 5.5% from July. 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 August averaged 34 days on the market (DOM), 99 days faster than August 2020. 

Forecast: August sales were 5 units, or 4.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 109 sales for the month, while actual sales were 104 units. ACRE forecast a total of 833 sales year-to-date, while there were 845 actual sales through August, a difference of 1.4%.   

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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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