Click here to view or print the entire monthly report.

Sales: According to the Cullman MLS, Cullman County area residential sales totaled 76 units during May, down 22.4 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: May residential sales increased 4.1 percent from the prior month. This direction is consistent with historical data indicating that May sales on average (2013-17) increase from April by 11.7 percent. The average number of days on the market until a listing sold was 113 days, 8.9 percent faster than the same period in 2017 (124 days).

Forecast: May sales were 18 units or 19 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2018 sales forecast through May projected 405 closed transactions, while the actual sales were 335, an unfavorable difference of 17 percent.

Supply: Cullman County area housing inventory totaled 507 units, 3.2 percent below the supply in May 2017. The inventory-to-sales ratio in May was 6.7 months of housing supply. Restated, at the May sales pace, it would take 6.7 months to absorb the current inventory for sale. This is 68.7 percent lower than the 2011 peak (21.3 months of supply). The market equilibrium (balance between supply and demand) for May is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in May was $139,500, an increase of 8.2 percent from May 2017 ($128,900). The median sales price was 6.9 percent below the prior month. This direction is consistent with historical data (2013-17) reflecting that the May median sales price on average decreases from April by 1.7 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: In both Alabama and the United States, the spring home-buying season has been affected greatly by very low inventory levels. April residential listings decreased 10 percent in the state and decreased 6 percent nationwide from one year ago. Residential sales in Alabama, however, increased 16 percent from one year ago, which is impressive considering the 10 percent drop in inventory. Home price appreciation cooled off somewhat as the statewide median sales price increased 2 percent from one year ago, while it increased 7 percent during the first quarter of the year. Going forward, home sales prices are expected to continue their upward climb during the summer as inventory levels are likely to repeat the declines that were seen during the spring.

Click here to generate more graphs from the Cullman May 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.