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 64 units during May, a 16.4 percent increase from the same period a year earlier. Year-to-date sales are up 15.6 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Year-to-date sales through May in Cullman rose 15.6 percent over the same period last year.

Demand: May residential sales decreased 7.2 percent from the prior month. This direction contrasts with historical data indicating that May sales on average (2011-15) increase from April by 1.7 percent. Days on market until a listing sold was 103 days, 40 percent faster than the same period last year (172 days).

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

Forecast: May sales were two units or 3.2 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through May projected 275 closed transactions while the actual sales were 297, a favorable difference of 8 percent.

Supply: Cullman County area housing inventory totaled 590 units, which is 18.7 percent lower than supply in May 2015. The inventory-to-sales ratio in May was 9.2 months of housing supply. Restated, at the May sales pace, it would take 9.2 months to absorb the current inventory for sale. This is an improvement of 30.3 percent from May 2015 (13.2 months of supply), and it’s 56.9 percent lower than the 2011 peak (21.3 months of supply). The market equilibrium (balance between supply and demand) for May is approximately 6 months, so this represents an area where continued improvement would be welcome news.

Pricing: The Cullman County median sales price in May was $129,900, an increase of 4 percent from May 2015 ($124,900). The median sales price was also 8.3 percent above the prior month. This month’s price direction contrasts with historical data (2011-15) reflecting that the May median sales price on average decreases from April by 5.6 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: “Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home-buying season gains momentum, the effect may be muted by May’s discouraging jobs report.” For the full report on home purchase sentiment, click here.

The average sales price for homes sold in Cullman during May was $164,580.

On average, homes sold in Cullman during May spent 103 days on the market.

There were 9.2 months of supply on the market during May in Cullman.

There were 590 homes for sale in Cullman during May.

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

Cullman home sales increased 16.4 percent year-over-year during May.

There were 64 homes sold in Cullman during May.

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