Sales: According to the Tuscaloosa Multiple Listing Service, Tuscaloosa-area residential sales totaled 187 units during November, up 3.9% from the same month a year earlier. November sales were down 11.8% compared to 212 sales in October. Results were 15.6% above the five-year November average of 162 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 802 units, a decrease of 5.2% from November 2018’s 846 units and a decrease of 2.8% from October 2019’s 825 units. November months of supply totaled 4.3 months, a decrease of 17.2% from November 2018’s 4.7 months of supply. November months of supply increased 10.2% from October’s 3.9 months of supply.

Pricing: The Tuscaloosa median sales price in November was $182,500, up 3.8% from one year ago and up 0.2% from October 2019. 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 58 days, up 7.4% from 54 days in November 2018 and up 3.6% from 56 days in October 2019.

Forecast: November sales were seven units, or 3.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 180 sales for the month, while actual sales were 187 units. ACRE forecast a total of 2,496 residential sales in the Tuscaloosa area year-to-date, while there were 2,546 sales through November.

ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.

NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.

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.