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 69 units during April, a 3 percent increase from the same period a year earlier. Year-to-date sales are up 15.3 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Year-to-date home sales in Cullman County rose 15.3 percent over the same period last year during April.

Demand: April residential sales decreased 2.8 percent from the prior month. This direction is consistent with historical data indicating that April sales on average (2011-15) decrease from March by 6.3 percent. Days on market until a listing sold was 149 days,10.8 percent faster than the same period last year (167 days).

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

Forecast: April sales were seven units or 11 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through April projected 213 closed transactions while the actual sales were 233, a favorable difference of 9 percent.

Supply: Cullman County area housing inventory totaled 555 units, which is 21.3 percent lower than supply in April 2015. The inventory-to-sales ratio in April was 8 months of housing supply. Restated, at the April sales pace, it would take 8 months to absorb the current inventory for sale. This is an improvement of 23.6 percent from April 2015 (10.5 months of supply), and it’s 50.8 percent lower than the 2009 peak (16.4 months of supply). The market equilibrium (balance between supply and demand) for April is approximately 6 months, so this represents an area where continued improvement would be welcome news.

Pricing: The Cullman County median sales price in April was $119,900, a decrease of 7.7 percent from April 2015 ($129,900). The median sales price was also 7.4 percent below the prior month. This month’s price direction contrasts with historical data (2011-15) reflecting that the April median sales price on average increases from March by 9.6 percent. 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: “We can partially attribute the sizable gain in April in home-selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the entire report, click here.

The average home sold in Cullman during April sold for $150,075.

On average, homes sold in Cullman during April spent 149 days on the market.

There were 8 months of supply on the market in Cullman during April.

There were 555 units listed for sale in Cullman during April.

The median sales price for homes sold in Cullman during April was $119,900.

Home sales in Cullman during April slipped 2.8 percent from March.

There were 69 units sold in Cullman during April.

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