Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Cullman MLS, Cullman County area residential sales totaled 80 units during September, a 5.3 percent increase from the same period a year earlier. Year-to-date sales are up 2 percent from the same period in 2015. Two more resources to review: Quarterly Report and Annual Report.

Demand: September residential sales increased 23 percent from the prior month. This direction is consistent with historical data indicating that September sales on average (2011-15) increase from August by 7 percent. Days on market until a listing sold was 130 days, 23 percent faster than the same period last year (169 days).

For all of Cullman’s real estate data, click here. 

Cullman home sales rose 5 percent in September over the same period last year.

Forecast: September sales were 20 units or 33 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through September projected 537 closed transactions, while the actual sales were 568, a favorable difference of 5.7 percent.

Supply: Cullman County area housing inventory totaled 577 units, which is 4 percent below the supply in September 2015. The inventory-to-sales ratio in September was 7 months of housing supply. Restated, at the September sales pace, it would take 7 months to absorb the current inventory for sale. This is down 9 percent from September 2015 (7.6 months of supply), and it’s 55 percent lower than the 2010 peak (15.5 months of supply). The market equilibrium (balance between supply and demand) for September is approximately 6 months, so continued improvement in this area would be welcome news.

Pricing: The Cullman County median sales price in September was $144,450, an increase of 15.7 percent from September 2015 ($124,900). The median sales price was 20.4 percent above the prior month. This month’s price direction contrasts with historical data (2011-15) reflecting that the September median sales price on average decreases from August by 3.7 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends consulting a local real estate professional.

Industry perspective: “The decline in the HPSI (Home Purchase Sentiment Index) over the past two months from the survey-high in July of 86.5 adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Downside changes came in particular from the HPSI components ‘mortgage rate direction’ and ‘good time to buy a house.’ In addition, the starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.” For the full report, click here.

Click here to generate more graphs from the Cullman September Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

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