Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 29, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
Sales: March home sales in the Tuscaloosa area increased 7.3% year-over-year from 248 to 266 closed transactions. Following seasonal trends, sales were up 14.7% from the prior month. Sales are now up 24.5% year-to-date, but are likely to moderate amid growing uncertainty surrounding the spread of COVID-19. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 13.7% from 832 listings one year ago to 713 in March. Months of supply dropped from 3.4 to 2.7, reflecting an continued seller’s market in the area.
Pricing: The median sales price in March was $189,900, an increase of 7% from one year ago and an increase of 8.2% from the prior month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in March averaged 65 days on the market (DOM), 10 days slower than March 2019.
Forecast: March sales were 18 units, or 7.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 248 sales for the month, while actual sales were 266 units. ACRE forecast a total of 598 residential sales year-to-date, while there were 671 actual sales through March, a difference of 12.2%.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.