Sales: According to the Cullman Association of Realtors Multiple Listing Service, Cullman County residential sales totaled 63 units during November, down 10 percent from 70 sales in the same month a year earlier. November sales were also down 16 percent compared to 75 sales in October. Results were 9.8 percent above the five-year November average of 57 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 November totaled 482 units, a decrease of 9.6 percent from November 2017’s 533 units, and a decrease of 4.6 percent from October 2018’s 505 units. Cullman County experienced a year-over-year increase in months of supply in November. The November months of supply totaled 7.7 months, an increase of 0.5 percent from November 2017’s 7.6 months of supply. November’s months of supply increased 13.6 percent from October’s 6.7 months of supply.
Pricing: The Cullman County median sales price in November was $159,900, an increase of 7.9 percent from one year ago and an increase of 17.8 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average increases from October by 9.8 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 November was 129 days, a decrease of 4.4 percent from 135 days in November 2017 and an increase of 24 percent from 104 days in October.
Forecast: November sales were 10 units, or 13.7 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 73 sales for the month, while actual sales were 63 units. ACRE forecast a total of 943 residential sales in Cullman County year-to-date, while there were 802 actual sales through November.
ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during October spent an average of 98 days on the market, an improvement of 15 days from 2017.
NAR’s national perspective: During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”
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.