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Cullman Home Prices Rise 28% Number Sold Increases Similarly

by | Oct 2, 2017 | Business, City News, County News, Cullman, Cullman City, Get Smart, Good Hope, Hanceville

The Cullman County median home sales price in August 2017 was $153,675. This amount reflects a whopping increase of 28 percent from August 2016.

According to the Cullman Multiple Listing Service, Cullman County area, residential sales totaled 84 units during August 2017, up 29.2 percent from the same month a year earlier.

Cullman County area housing inventory totaled 574 units, 4 percent below the supply in August 2016.

The inventory-to-sales ratio in August was 6.8 months of housing supply. Restated, at the August sales pace, it would take 6.8 months to absorb the current inventory for sale.

This is 52.5 percent lower than the 2008 peak (14.4 months of supply). The market equilibrium (balance between supply and demand) for August is approximately 6 months.

The Cullman County median sales price in August was $153,675, an increase of 28.1 percent from August 2016 ($120,000). The median sales price was 10.6 percent above the prior month.

This direction is in contrast with historical data (2012-16) reflecting that the August median sales price on average decreases from July by 6.9 percent.

The average residential sales price in Cullman County is $206,694.

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.

“For the first time in 2017, we have increased our full-year growth outlook. The upgrade reflects economic activity is gaining momentum at the end of the second quarter, though we see lots of uncertainty surrounding the forecast,” said Fannie Mae Chief Economist Doug Duncan.

“The list of uncertainties now extends beyond the geopolitical and legislative, as the effects of Hurricanes Harvey and Irma will require time to untangle. Historically, natural disasters that hit densely populated areas led to substantial near-term declines in economic activity but meaningful rebounds in subsequent quarters due to rebuilding efforts. Thus, economic growth in the second half of 2017 could still average a slightly stronger pace than the first half. Unfortunately, we continue to expect home sales to be flat during the second half of the year compared to the first half due to strong home price appreciation and lean inventories.”

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

Cullman County

Cullman Home Prices Rise 28% Number Sold Increases Similarly

Staff Writers

The staff writers at Cullman Today are a collaborative group of citizen reporters sharing the writing of stories based upon their personal interests and work schedules.

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