Click here to view or print the entire monthly report.

Sales: According to the Cullman MLS, there were 73 residential sales in Cullman County during April, a 7.6 percent decrease from one year ago. Current sales volume is 12.3 percent above the five-year April average of 65 closed transactions. Two more resources to review: Quarterly Report and Annual Report.

Forecast: April sales were 18 units or 19.8 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE forecast 311 residential sales year-to-date in the area, while there were 259 actual sales through April. 

Demand: April residential sales decreased by 8.8 percent from the prior month. Historical data indicate that April residential sales on average (’13-’17) increase from March by 5.2 percent. Homes selling in Cullman County in March averaged 106 days on the market, a decrease of 10.2 percent from one year ago.

Supply: A total of 498 homes were listed for sale in the area during April, representing a decrease of 8.1 percent from one year ago. Total listings in the area decreased 2.2 percent from the previous month.

Seeking balance: The inventory for sale divided by the current sales volume equals the number of months of supply. The market is considered to be in balance at approximately 6 months of supply. The inventory-to-sales ratio in April was 6.8 months of supply, down from 6.9 months one year ago.

Pricing: The median sales price in April was $149,900, an increase of 15.3 percent from one year ago. The median sales price was 6 percent above the prior month. Historical data trends from 2013-2017 indicate that the April median sales price on average increases by 9.7 percent from March. 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: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.

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