Sales: According to the Cullman Association of Realtors Multiple Listing Service, Cullman County residential sales totaled 92 units during June, up 4.5% from 88 sales in the same month a year earlier. June sales were down 3.2% from 95 sales in May. Results were 23% above the five-year June average of 75 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 482 units, a decrease of 1.6% from June 2018’s 490 units, and an increase of 0.2% from May 2019’s 481 units. June months of supply totaled 5.2 months, a decrease of 5.9% from the same month a year earlier and an increase of 3.5% from May’s 5.1 months of supply.
Pricing: The Cullman County median sales price in June was $171,200, an increase of 18.2% from one year ago and an increase of 3.1% from the prior month. This direction is consistent with historical data (2014-18) indicating that the June median sales price on average increases from May by 20%. 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 106 days, a decrease of 10.2% from 118 days in June 2018 and a decrease of 0.9% from 107 days in May.
Forecast: June sales were 11 units, or 13.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 81 sales for the month, while actual sales were 92 units. ACRE forecast a total of 433 residential sales in Cullman County year-to-date, while there were 465 sales through June.
ACRE’s statewide perspective: Statewide residential sales increased slightly in May, extending the streak to five consecutive months of year-over-year sales gains. Statewide residential sales increased 1.4% from 6,306 closed transactions in May 2018 to 6,392 in May 2019. Year-to-date, sales are up 3.2% from 2018. Home price appreciation in the state continued to climb as the median sales price in May increased 4.3% year-over-year from $165,688 to $172,864. The statewide median sales price is also up 3.4% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 11.6% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during May spent an average of 88 days on the market, an improvement of 12 days from May 2018.
NAR’s national perspective: Existing home sales rebounded in May, posting their first year-over-year gain since August 2018. Nationwide sales increased 0.9% from approximately 535,000 closed transactions one year ago to 540,000 currently. The nationwide median existing-home price increased 4.8% in May, marking 87 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
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.