Sales: According to the Cullman MLS, Cullman County area residential sales totaled 77 units during October, a 35.1 percent increase from the same month a year earlier. Two more resources to review: Quarterly Report and Annual Report.
For all of Cullman’s real estate data, click here.
Demand: October residential sales increased 16.7 percent from the prior month.
Forecast: September sales were 12 units or 7 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through September projected 690 closed transactions, while the actual sales were 705.
Supply: Cullman County area housing inventory totaled 555 units, 4.7 percent above the supply in October 2016. The inventory-to-sales ratio in October was 7.2 months of housing supply. The market equilibrium (balance between supply and demand) for October is approximately 6 months.
Pricing: The Cullman County median sales price in October was $138,000, an increase of 2.3 percent from October 2016 ($134,900). The median sales price was 8.5 percent below the prior month. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting a local real estate professional.
Industry perspective: “The first print of third-quarter economic growth showed surprising resiliency. The expected economic hit from the recent natural disasters either failed to materialize or was drowned out by business optimism,” said Fannie Mae Chief Economist Doug Duncan. “Recent data showed a stronger pickup in domestic demand than anticipated, leading us to increase our growth forecast for the final quarter of this year and coming quarters. We also revised higher our 2018 growth forecast to 2 percent. Tax cuts, if enacted, present upside risk to our growth forecast for next year but could also lead to more aggressive Fed action. Housing still remains a drag on the economy, as shortages of labor and available lots, coupled with rising building material prices, further complicate existing inventory, affordability and sales challenges.”
Click here to generate more graphs from the Cullman October Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.