Sales: According to the Cullman Association of Realtors Multiple Listing Service, Cullman County residential sales totaled 88 units during June, up 20.5 percent from 73 sales in the same month a year earlier. Similarly, June sales were up 15.8 percent compared to 76 sales in May. Results were 31.2 percent above the five-year June average of 67 sales. Two more resources to review: Quarterly Report and the Annual Report.

For all Cullman County home sales data, click here.

Inventory: Homes listed for sale in Cullman County in June totaled 490 units, a decrease of 6.3 percent from June 2017’s 523 units, and a decrease of 3.4 percent from May 2018’s 507 units. Cullman County also experienced a decline in months of supply in June. The June months of supply totaled 5.6 months, a decrease of 22.3 percent from June 2017’s 7.2 months of supply. June’s months of supply decreased 16.5 percent from May’s 6.7 months of supply.

Pricing: The Cullman County median sales price in June was $144,900, an increase of 7.4 percent from one year ago and an increase of 3.9 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the June median sales price on average increases from May by 27.1 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for the homes sold during June was 118 days, a decrease of 4.8 percent from 124 days in June 2017, but an increase of 4.4 percent from 113 days in May.

Forecast: June sales were four units, or 4.3 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 92 sales for the month, while actual sales were 88 units. ACRE forecasts a total of 497 residential sales in Cullman County year-to-date, while there were 423 actual sales through June.

ACRE’s statewide perspective: Alabama and the United States are getting ready for the summer months of real estate. Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”