Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Cullman MLS, Cullman County area residential sales totaled 47 units during February, a 31 percent increase from the same period a year earlier. Year-to-date sales are up 22 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Demand: February residential sales increased 2.2 percent from the prior month. This direction contrasts with historical data indicating that February sales on average (2011-15) decrease from January by 8 percent. Days on Market (DOM) until a listing sold was 202 days, 41 percent slower than the same period last year (143 days).

For all of Cullman’s area real estate data, click here. 

Home sales in Cullman during February rose 31 percent over the same period in 2015.

Forecast: February sales were one unit or 2 percent below our monthly forecast. ACRE’s year-to-date sales forecast through February projected 89 closed transactions while the actual sales were 93, a favorable difference of 4.4 percent.

Supply: Cullman County area housing inventory totaled 543 units, which is 11 percent lower than supply in February 2015. Historical data indicates housing inventory (2011-15) typically decreases by 1.2 percent from January to February. The inventory-to-sales ratio in February was 11.6 months of housing supply. Restated, at the February sales pace, it would take 11.6 months to absorb the current inventory for sale. This is a marked improvement of 32 percent (17.0 months of supply) from the February 2015 and it is 45 percent lower (21.1 months of supply) from the 2010 peak. The market equilibrium (balance between supply and demand) for February is considered to be about approximately 6 months so this represents an area where continued improvement would be welcome news.

Pricing: The Cullman County median sales price in February was $129,900, an increase of 6 percent from February 2015 ($122,400). The median sales price was also 13 percent above the prior month. This month’s price direction is consistent with historical data (2011-15) reflecting that the February median sales price on average increases from January by 8.4 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns, so a broader lens as it pertains to pricing trends is appropriate. We recommend consulting a local real estate professional.

Industry Perspective: “Our February results show the most modest consumer home price expectations since late 2012,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “For consumers who think it’s a bad time to buy a home, whose share has trended up from its recent low last November, high home prices have been an increasingly contributing factor. A slower pace of home price appreciation may provide some relief for potential homebuyers, especially first-time buyers who couldn’t reap the benefits of selling a home at high prices to buy another one.” For the full story, click here.

Homes sold in Cullman during February sold for an average price of $157,717.

Year-to-date home sales in Cullman through February are 22 percent higher than the same period in 2015.

There were 543 homes listed for sale in Cullman during February.

The median sales price for homes sold during February in Cullman was $129,900.

There were 11.6 months of supply on the market during February in Cullman.

February’s home sales in Cullman were 17 percent above the five-year average of 40 units for the month from 2011-15.

There were 47 units sold in Cullman during February.

The Cullman County Residential Monthly Report is work product developed in conjunction with the Cullman Association of Realtors to better serve Cullman area consumers.