Sales: According to the Cullman Association of Realtors Multiple Listing Service, Cullman County residential sales totaled 75 units during September, up 13.6 percent from 66 sales in the same month a year earlier. September sales were down 7.4 percent compared to 81 sales in August. Results were 14.7 percent above the five-year September average of 65 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 September totaled 500 units, a decrease of 10.9 percent from September 2017’s 561 units, and an increase of 4.4 percent from August 2018’s 479 units. Cullman County also experienced a year-over-year decline in months of supply in September. The September months of supply totaled 6.7 months, a decrease of 21.6 percent from September 2017’s 8.5 months of supply. September’s months of supply increased 12.7 percent from August’s 5.9 months of supply.

Pricing: The Cullman County median sales price in September was $140,000, a decrease of 7.1 percent from one year ago and a decrease of 6.6 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the September median sales price on average decreases from August by .9 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 September was 127 days, an increase of 14.4 percent from 111 days in September 2017 and a decrease of 5.2 percent from 134 days in August.

Forecast: September sales were 14 units, or 15.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 89 sales for the month, while actual sales were 75 units. ACRE forecast a total of 787 residential sales in Cullman County year-to-date, while there were 664 actual sales through September.

ACRE’s statewide perspective: Residential sales in Alabama continued to grow during the late summer of 2018. Total residential sales during August increased 3.5 percent year-over-year from 5,664 to 5,862 closed transactions. Year-to-date through August, statewide residential sales are up 6.6 percent from 39,594 one year ago to 42,209. Home price appreciation in the state also continues its upward trajectory. The median sales price in August increased 2.9 percent from $158,059 to $162,711, while the year-to-date median sales price is up 4.9 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 11.4 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices during August. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during August spent an average of 95 days on the market, an improvement of 22 days from 2017.

NAR’s national perspective: During August, nationwide sales volume for existing homes increased 0.7 percent year-over-year from 535,000 to 539,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.”

Click here to view the entire monthly report.

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