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 60 units during June, a 30 percent decrease from the same period a year earlier. Year-to-date sales are up 4.1 percent over the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Demand: June residential sales decreased 6.3 percent from the prior month. This direction contrasts with historical data indicating that June sales on average (2011-15) increase from May by 9 percent. Days on market until a listing sold was 121 days, 12.3 percent faster than the same period last year (138 days).

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

Cullman’s June home sales were 26 units below last June’s sales pace.

Forecast: June sales were three units or 4 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 338 closed transactions while the actual sales were 357, a favorable difference of 6 percent.

Supply: Cullman County area housing inventory totaled 586 units, which is 14.8 percent lower than supply in June 2015. The inventory-to-sales ratio in June was 9.7 months of housing supply. Restated, at the June sales pace, it would take 9.7 months to absorb the current inventory for sale. This is up 21.3 percent from June 2015 (8 months of supply), but it’s 46.5 percent lower than the 2009 peak (18.1 months of supply). The market equilibrium (balance between supply and demand) for June is approximately 6 months, so this represents an area where continued improvement would be welcome news.

Pricing: The Cullman County median sales price in June was $131,950, a decrease of 10 percent from June 2015 ($147,200). The median sales price was 1.6 percent above the prior month. This month’s price direction is consistent with historical data (2011-15) reflecting that the June median sales price on average increases from May by 16.7 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: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average home sold in Cullman during June sold for $163,113.

On average, homes that sold in Cullman during June spent 121 days on the market.

Year-to-date home sales in Cullman through June rose 4.1 percent over last year.

There were 586 units on the market in Cullman during June.

The median sales price for homes sold during June in Cullman was $131,950.

There were 9.7 months of supply on the market in Cullman during June.

There were 60 homes sold in Cullman during June.

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