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 65 units during August, a 20 percent decrease from the same period a year earlier. Year-to-date sales are up 1.5 percent from the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Year-to-date home sales in Cullman through August rose 1.5 percent over the same period in 2015.

Demand: August residential sales decreased 1.5 percent from the prior month. This direction contrasts with historical data indicating that August sales on average (2011-15) increase from July by 3.5 percent. Days on market until a listing sold was 161 days,13.4 percent faster than the same period last year (186 days).

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

Forecast: August sales were four units or 5 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through August projected 477 closed transactions, while the actual sales were 488, a favorable difference of 2 percent.

Supply: Cullman County area housing inventory totaled 598 units, which is 0.2 percent fewer than supply in August 2015. The inventory-to-sales ratio in August was 9.2 months of housing supply. Restated, at the August sales pace, it would take 9.2 months to absorb the current inventory for sale. This is down 17 percent from August 2015 (11.1 months of supply), and it’s 35 percent lower than the 2010 peak (14.3 months of supply). The market equilibrium (balance between supply and demand) for August is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in August was $120,000, a decrease of 17.2 percent from August 2015 ($144,950). The median sales price was 12.7 percent below the prior month. This month’s price direction is consistent with historical data (2011-15) reflecting that the August median sales price on average decreases from July by 9.7 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: “Consumers have a fairly optimistic 12-month outlook on housing at the end of the summer home-buying season, supported by increased job confidence and more favorable expectations regarding their personal financial situations compared with this time last year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The return to a slight upward trend in the HPSI (Home Purchase Sentiment Index) during the spring and summer is, thus far, in line with our forecast, which calls for 4 percent growth in home sales in 2016 to the best level since 2006 and continued improvement for 2017.” For the full report, click here.

Click here to generate more graphs from the Cullman August Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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