Cullman residential sales down 2% year-over-year in May

According to the Cullman Association of Realtors, May residential sales decreased 2.1% from last year. Sales increased 5.6% from April. 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 increased 62.6% year-over-year from 235 to 382 listings. Months of supply (inventory to sales ratio) increased from 3.5 months in April to 4.0 months in May, reflecting a market where buyers generally have decreased bargaining power. 

Pricing: The area’s median sales price in May was $223,990, a decrease of 20.5% from one year ago and a decrease of 1.7% 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 47 days on the market (DOM), 17 days faster than May 2023. 

Forecast: May sales were 1 unit, or 1.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 95 units. ACRE projected 398 sales year-to-date, while actual sales were 389, a difference of 2.3% 

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.