Sales: According to the Tuscaloosa Association of Realtors, August home sales in the area increased 5.5% year-over-year from 290 to 306 closed transactions. Following seasonal trends, sales decreased 15.5% from July. Sales are up 15.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Tuscaloosa-area housing data, click here.

Inventory: August listings (434) increased 4.6% from July and declined 36.1% from one year ago. Months of supply (inventory to sales ratio) also decreased from 1.9 months to 1.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in August was $241,048, an increase of 12.4% from one year ago and an increase of 0.5% from July. 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 August averaged 34 days on the market, selling 16 days faster than in August 2020.

Forecast: August sales were three units, or 0.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 309 sales for the month, while actual sales were 306 units. ACRE forecast a total of 2,400 residential sales year-to-date, while there were 2,473 actual sales through August, a difference of 3%.

New construction: The 27 new homes sold represent 8.8% of all residential sales in the area in August. Total sales decreased 22.9% year-over-year. The median sales price was $299,900, an increase of 16.8% from one year ago and an increase of 7.7% from July.

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 Aug. 1-31. Thus, the performance represented is historical and should not be used as an indicator of future results.