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 42 units during January, down 8.7 percent from the same month a year earlier. Total January 2016 sales were 46 units. Two more resources to review: Quarterly Report and Annual Report.

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

Demand: January residential sales decreased 26 percent from the prior month. This direction contrasts with historical data indicating that January sales on average (2012-16) increase from December by 11.7 percent. Days on the market until a listing sold was 110 days, 40 percent faster than the same period in 2016 (182 days).

Home sales slipped by four units in Cullman to start 2017 compared to last January.

Forecast: January sales were eight units or 16 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s sales forecast for January projected 50 closed transactions, while the actual sales were 42, an unfavorable difference of 16 percent.

Supply: Cullman County area housing inventory totaled 477 units, which is 9 percent below the supply in January 2016. The inventory-to-sales ratio in January was 11.4 months of housing supply. Restated, at the January sales pace, it would take 11.4 months to absorb the current inventory for sale. This is 67 percent lower than the 2010 peak (34.8 months of supply). The market equilibrium (balance between supply and demand) for January is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in January was $124,900, an increase of 8.6 percent from January 2016 ($115,000). The median sales price was 1.5 percent above the prior month. This direction contrasts with historical data (2012-16) reflecting that the January median sales price on average decreases from December by 3.2 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 expect housing to remain resilient and continue its recovery in 2017, with affordability standing out as the industry’s greatest obstacle, particularly for first-time homeowners,” said Fannie Mae Chief Economist Doug Duncan. “Demographic factors, however, are positive. Our research shows that older millennials have begun to buy homes and close the homeownership attainment gap with their predecessors.”

Click here to generate more graphs from the Cullman January 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.