Sales: According to the Tuscaloosa Multiple Listing Service, Tuscaloosa-area residential sales totaled 180 units during November, down 6.3 percent from 192 sales in the same month a year earlier. November sales were down 10.9 percent compared to 202 sales in October. Results were 19.5 percent above the five-year November average of 151 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Tuscaloosa-area home sales data, click here.

Inventory: Total homes listed for sale in the Tuscaloosa area during November were 846 units, a decrease of 4.7 percent from November 2017’s 888 units and a decrease of 4.3 percent from October 2018’s 884 units. November months of supply totaled 4.7 months, an increase from November 2017’s 4.6 months of supply. November‘s months of supply also increased from October’s 4.4 months of supply.

Pricing: The Tuscaloosa median sales price in November was $175,875, an increase of 4.7 percent from one year ago and a decrease of 2.2 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the November median sales price on average decreases from October by 0.8 percent. 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 homes sold during November was 54 days, down from 66 days in November 2017 and down from 62 days in October 2018.

Forecast: November sales were three units, or 1.6 percent, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 183 sales for the month, while actual sales were 180 units. ACRE forecast a total of 2,530 residential sales in the Tuscaloosa area year-to-date, while there were 2,484 actual sales through November.

ACRE’s statewide perspective: While nationwide sales declined 4.5 percent during November, residential sales in Alabama continued to grow. Total residential sales in Alabama increased 6.9 percent year-over-year from 4,311 to 4,606 closed transactions. Year-to-date through November, statewide residential sales are up 7 percent from 53,056 one year ago to 56,769 currently. Home price appreciation in the state continued to climb as the median sales price in November increased 3.2 percent year-over-year from $151,667 to $156,587. The year-to-date median sales price is up 4.7 percent from 2017. Although nationwide inventory levels increased 4.2 percent in November, Alabama’s residential inventory decreased 8.8 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during November spent an average of 93 days on the market, an improvement of 24 days from 2017.

NAR’s national perspective: During November, nationwide inventory for existing homes increased 4.2 percent year-over-year from 1.67 million to 1.74 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “the market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

Click here to view the entire monthly report.

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