Published On: 05.27.17 | 

By: ACRE Research

Cullman April home sales up 14 percent over 2016

The median sales price for homes in Cullman County was 8.4 percent higher in April than it had been a year earlier. (iStock)

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 79 units during April, up 14 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.

Demand: April residential sales increased 18 percent from the prior month. This direction contrasts with historical data indicating that April sales on average (2012-16) decrease from March by 1.4 percent. Days on the market until a listing sold was 118 days, 21 percent faster than the same period in 2016 (149 days).

Forecast: April sales were seven units or 9 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2017 sales forecast through April projected 248 closed transactions, while the actual sales were 242, an unfavorable difference of 2 percent.

Supply: Cullman County area housing inventory totaled 542 units, 2 percent below the supply in April 2016. The inventory-to-sales ratio in April was 6.9 months of housing supply. Restated, at the April sales pace, it would take 6.9 months to absorb the current inventory for sale. This is 58 percent lower than the 2009 peak (16.4 months of supply). The market equilibrium (balance between supply and demand) for April is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in April was $130,000, an increase of 8.4 percent from April 2016 ($119,900). The median sales price was 5 percent below the prior month. This direction contrasts with historical data (2012-16) reflecting that the April median sales price on average increases from March by 12.2 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: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”

Click here to generate more graphs from the Cullman April 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.