Median sales price of Tuscaloosa-area homes up 5.6% in January from one year ago

Median sales price of Tuscaloosa-area homes up 5.6% in January from one year ago
Tuscaloosa-area residential sales in January were up 24.5% from the same month a year earlier and were 33.3% above the five-year January average. (ACRE)

Sales: According to the Tuscaloosa Multiple Listing Service, Tuscaloosa-area residential sales totaled 173 units during January, up 24.5% from the same month a year earlier. January sales were down 17.6% compared to 210 sales in December. Results were 33.3% above the five-year January average of 130 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 January were 760 units, a decrease of 11% from January 2019’s 854 units and an increase of 0.9% from December 2019’s 753 units. January months of supply totaled 4.4 months, a decrease of 41.6% from January 2019’s 6.1 months of supply. January months of supply increased 22.5% from December’s 3.6 months of supply.

Pricing: The Tuscaloosa median sales price in January was $189,900, up 5.6% from one year ago and down 1.3% from December 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 January was 73 days, up 37.7% from 53 days in January 2019 and up 19.7% from 61 days in December.

Forecast: January sales were 14 units, or 8.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 159 sales for the month, while actual sales were 173 units.

ACRE’s statewide perspective: Residential sales growth was especially strong in January as total residential sales increased 23.2% year-over-year from 3,347 to 4,122 closed transactions. Markets across the state have plenty of momentum as 2019 was a record year for residential sales in Alabama. Home price appreciation continued to climb as the median sales price in January increased 11.8% year-over-year, marking 27 consecutive months of gains. While properties listed for sale nationwide decreased 10.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 17% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2019 and continued into January. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace. Homes selling in Alabama during January spent an average of 92 days on the market, a decrease of 15 days from January 2019.

NAR’s national perspective: Existing home sales increased significantly in January, rising 11.6% year-over-year from approximately 285,000 closed transactions one year ago to 318,000 currently. The nationwide median existing-home price increased 6.8% in January, marking 95 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales. Mortgage rates have helped with affordability, but it is supply conditions that have driven price growth.” Properties listed for sale nationwide declined 10.7% in January from approximately 1.59 million listings one year ago to 1.42 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.

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