Cullman area home up 8% year-over-year in October

Sales: According to the Cullman Association of Realtors, October residential sales increased 8.1% year-over-year from 99 to 107 closed transactions. Following seasonal trends, sales decreased 15.8% from September.  Sales are now up 13.5% 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: October listings (205) decreased 34.7% from September and decreased 5.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.5 month in September and down from 2.2 months in October 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 October was $209,900, an increase of 10.5% from one year ago and an increase of 5.0% from September. 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 October averaged 26 days on the market (DOM), which is 67 days faster than October 2020. 

Forecast: October sales were 2 units, or 1.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 105 sales for the month, while actual sales were 107 units. ACRE forecast a total of 1,054 sales year-to-date, while there were 1,079 actual sales through October, a difference of 2.4%.   

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

Share on facebook
Share on twitter
Share on linkedin
Share on email