Sales: According to the Tuscaloosa Association of Realtors, November home sales in the area increased 25.1% year-over-year (Y/Y) from 187 to 234 closed transactions, marking six consecutive months of Y/Y gains. Following seasonal trends, sales decreased 11.4% from October and are now up 15.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Tuscaloosa-area housing data, click here.

Inventory: Homes listed for sale decreased 24.2% Y/Y from 802 listings one year ago to 608 in November. Months of supply dropped from 4.3 months to 2.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in November was $215,150, an increase of 17.9% from one year ago and an increase of 7.6% from October. 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 November averaged 49 days on the market (DOM), selling nine days faster than in November 2019.

Forecast: November sales were 42 units, or 21.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 192 sales for the month, while actual sales were 234 units. ACRE forecast a total of 2,662 residential sales year-to-date, while there were 2,933 actual sales through November, a difference of 10.2%.

New construction: The 39 new homes sold represent 14.8% of all residential sales in the area in November. Total sales increased 18.2% year-over-year. The median sales price was $218,620, an increase of 4.7% from October and an increase of 2.2% from one year ago.

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 Nov. 1-30. 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.