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 54 units during February, up 15 percent from the same month a year earlier. Two more resources to review: Quarterly Report and Annual Report.

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

Home sales in February in Cullman rose 15 percent over February 2016.

Demand: February residential sales increased 29 percent from the prior month. This direction contrasts with historical data indicating that February sales on average (2012-16) decrease from January by 7.6 percent. Days on the market until a listing sold was 136 days, 32 percent faster than the same period in 2016 (202 days).

Forecast: February sales were right on target with the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through February projected 104 closed transactions, while the actual sales were 96, an unfavorable difference of 7 percent.

Supply: Cullman County area housing inventory totaled 502 units, 7.6 percent below the supply in February 2016. The inventory-to-sales ratio in February was 9.3 months of housing supply. Restated, at the February sales pace, it would take 9.3 months to absorb the current inventory for sale. This is 56 percent lower than the 2010 peak (21.1 months of supply). The market equilibrium (balance between supply and demand) for February is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in February was $134,450, an increase of 3.5 percent from February 2016 ($129,900). The median sales price was 7.6 percent above the prior month. This direction is consistent with historical data (2012-16) reflecting that the February median sales price on average increases from January by 35.8 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 the housing expansion to continue, albeit at a more moderate pace than last year given continued pressure on affordability,” said Fannie Mae Chief Economist Doug Duncan. “Depressed inventory, particularly in the more affordable segments, will likely constrain sales and push home price gains that outpace income growth. A faster pace of monetary tightening, unless accompanied by a stronger increase in household income, also poses downside risk to housing.”

Click here to generate more graphs from the Cullman February 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.