Cullman area residential sales down 9% year-over-year in May

Sales: According to the Cullman Association of Realtors, May residential sales decreased 9.3% year-over-year from 107 to 97 closed transactions. Sales increased 29.3% from April. Sales are now down 23.3% 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 May decreased 29.2% year-over-year from 332 to 235 listings. Months of supply (inventory to sales ratio) decreased from 4.1 months in April to 2.4 months in May, reflecting a market where buyers generally have elevated bargaining power.

Pricing: The area’s median sales price in May was $281,900, an increase of 25.3% from one year ago and an increase of 21.5% 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 64 days on the market (DOM), 29 days slower than May 2022. 

Forecast: May sales were 9 units, or 9.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 88 sales for the month, while actual sales were 97 units. ACRE forecast a total of 381 residential sales in the Cullman County area year-to-date, while there were 372 actual sales through May, 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.