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

Sales: According to the Tuscaloosa MLS, Tuscaloosa-area residential sales totaled 223 units during April, up 9.3 percent from 204 homes sold during April 2017. Existing single-family homes accounted for 80 percent of residential sales, while condos represented 14 percent and newly constructed homes accounted for 6 percent. Two more resources to review: Quarterly Report and Annual Report.

For all of the Tuscaloosa area’s housing data, click here.

Forecast: April results were 13 units or 5.5 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s 2018 sales forecast projected 808 closed transactions during the first four months of the year, 3.6 percent above the 779 units actually sold during that period.

Supply: Tuscaloosa’s April housing inventory totaled 816 units, a decrease of 12.1 percent from April 2017. April inventory decreased by 5 percent from the prior month. Inventory has now declined 58.5 percent from the March peak (1,964 units) reached in 2008.

Seeking balance: The inventory for sale divided by the current monthly sales volume equals the number of months of housing supply. The market is considered to be in balance at approximately 6 months. The Tuscaloosa area has 3.7 months of housing supply, up from 3.5 months of supply during the previous month and down from 4.5 months at this time last year.

Demand: April residential sales were 9.7 percent below the prior month. Historical data indicate that April sales on average (’13-’17) increase from March by 1.3 percent. Tuscaloosa-area homes selling in April averaged 70 days on the market, a decrease of 10.3 percent from 2017. The five-year average for days on the market for April home sales is 96 days.

Pricing: The Tuscaloosa median sales price in April was $174,500, an increase of 5.8 percent compared to April 2017. The median sales price was up 2.6 percent from March. Historical data indicate that April median sales prices on average (2013-2017) decrease by 1.3 percent from March. It should be noted that differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. Consult with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.     

Industry perspective: Statewide, residential real estate sales continued to show growth during the first quarter of 2018 as they grew 2.4 percent from the first quarter of 2017. Low inventory levels, however, played a large role in driving prices upward. During the first quarter of the year, the statewide median sales price increased 7.1 percent from one year ago. Although good news for sellers, this price growth, combined with rising interest rates, could lead to affordability issues for buyers in today’s markets.

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

The Tuscaloosa Residential Monthly Report is developed in conjunction with the Tuscaloosa Association of Realtors to better serve West Alabama consumers.