Cullman-area November home sales up 14% from last year

Cullman-area November home sales up 14% from last year
Cullman County homes selling in November moved from the market 21% faster, on average, than the ones that sold in the same month last year. (Dave_warren80, Wikipedia)

Sales: According to the Cullman Association of Realtors Multiple Listing Service, Cullman County residential sales totaled 72 units during November, up 14.3% from 63 sales in the same month a year earlier. November sales were down 24.2% from 95 sales in October. Results were 22.9% above the five-year November average of 59 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 457 units, a decrease of 5.2% from November 2018’s 482 units, and a decrease of 0.4% from October 2019’s 459 units. November months of supply totaled 6.3 months, down 17% from last year and up 31.4% from October’s 4.8 months of supply.

Pricing: The Cullman County median sales price in November was $149,900, a decrease of 6.3% from one year ago and a decrease of 4.6% from the prior month. This direction is inconsistent with historical data (2014-18) indicating that the November median sales price on average increases from October by 11.4%. 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 102 days, a decrease of 20.9% from 129 days in November 2018 and an increase of 15.9% from 88 days in October.

Forecast: November sales were nine units, or 14.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 63 sales for the month, while actual sales were 72 units. ACRE forecast a total of 820 residential sales in Cullman County year-to-date, while there were 903 sales through November.

ACRE’s statewide perspective: Residential sales growth continued in October as total residential sales increased 6.7% year-over-year from 4,883 to 5,211 closed transactions. Year-to-date, sales are up 4.5% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in October increased 10.1% year-over-year, marking 24 consecutive months of gains. The statewide median sales price is up 5.5% year-to-date. While properties listed for sale nationwide decreased 4.3% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during October spent an average of 88 days on the market, a decrease of eight days from October 2018.

NAR’s national perspective: Existing home sales rebounded in October, increasing 3.8% year-over-year from approximately 446,000 closed transactions one year ago to 463,000 currently. The nationwide median existing-home price increased 6.2% in October, marking 92 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Historically-low interest rates, continuing job expansion and higher weekly earnings are undoubtedly contributing to these higher numbers. We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”

 

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.

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