Sales: According to the Tuscaloosa Multiple Listing Service, Tuscaloosa-area residential sales totaled 212 units during October, up 5% from the same month a year earlier. October sales were down 7.8% compared to 230 sales in September. Results were 22% above the five-year October average of 174 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 October were 825 units, a decrease of 6.7% from October 2018’s 884 units and a decrease of 3.1% from September 2019’s 851 units. October months of supply totaled 3.9 months, a decrease of 15.5% from October 2018’s 4.4 months of supply. October months of supply increased 5.2% from September’s 3.7 months of supply.
Pricing: Cgo and down 11.1% from September. 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 October was 56 days, down 9.7% from 62 days in October 2018 and up 1.8% from 55 days in September 2019.
Forecast: October sales were 13 units, or 6.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 199 sales for the month, while actual sales were 212 units. ACRE forecast a total of 2,316 residential sales in the Tuscaloosa area year-to-date, while there were 2,359 sales through October.
ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third 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 September spent an average of 82 days on the market, a decrease of eight days from September 2018.
NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”
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.