Sales: According to the Cullman Association of Realtors, February residential sales decreased 40.9% year-over-year from 88 to 52 closed transactions. Going against seasonal trends, sales decreased 5.5% from January. Sales are now down 36.7% 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: Total homes listed for sale in February increased 59.2% year-over-year from 201 to 320 listings. Months of supply (inventory to sales ratio) increased from 5.5 months in January to 6.2 months in February, reflecting a market where buyers generally have elevated bargaining power.
Pricing: The area’s median sales price in February was $240,000, an increase of 8.1% from one year ago and a decrease of 2.0% 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 102 days on the market (DOM), 53 days slower than February 2022.
Forecast: February sales were 14 units, or 20.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 66 sales for the month, while actual sales were 52 units. ACRE forecast a total of 121 residential sales in the Cullman County area year-to-date, while there were 107 actual sales through February, a difference of 11.5%.
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.