Sales: According to the Tuscaloosa Association of Realtors, September home sales in the area increased 29.6% year-over-year (Y/Y) from 230 to 298 closed transactions, marking four consecutive Y/Y gains. Sales increased 2.8% from August and are now up 13.4% year-to-date. The 36 new homes sold represented 12.1% of total residential sales in September. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 26.2% Y/Y from 851 listings one year ago to 628 in September. Months of supply dropped from 3.7 months to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in September was $219,915, an increase of 7.3% from one year ago and an increase of 4.1% from August. 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.
Homes sold in September averaged 39 days on the market (DOM), selling 16 days faster than in September 2019.
Forecast: September sales were 72 units, or 31.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 226 sales for the month, while actual sales were 298 units. ACRE forecast a total of 2,257 residential sales year-to-date, while there were 2,435 actual sales through September, a difference of 7.9%.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for Sept. 1-30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.