Sales: According to the Cullman Association of Realtors, March residential sales decreased 7.0% year-over-year from 115 to 107 closed transactions. Following seasonal trends, sales increased 21.6% from February. Sales are now up 3.8% 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: March listings (262) increased 30.3% from February and increased 70.1% from one year ago. Months of supply (inventory to sales ratio) increased from 1.3 to 2.4 year over year, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in March was $247,585, an increase of 31.0% from one year ago and an increase of 11.5% from February. 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 March averaged 49 days on the market (DOM), 44 days faster than March 2021.
Forecast: March sales were 2 units, or 2.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 109 sales for the month, while actual sales were 107 units. ACRE forecast a total of 275 sales year-to-date, while there were 276 actual sales through March, a difference of 0.3%.
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 March 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.