Sales: April home sales in the Tuscaloosa area decreased 8.3% year-over-year from 265 to 243 closed transactions. Going against seasonal trends, sales were down 8.6% from March. Sales are now up 13.7% year-to-date, but are likely to moderate amid the growing economic impact of COVID. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 14.6% from 817 listings one year ago to 698 in April. Months of supply dropped from 3.1 to 2.9, reflecting a seller’s market in the area.
Pricing: The median sales price in April was $186,000, a decrease of 0.7% from one year ago and a decrease of 2.1% 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 April averaged 62 days on the market (DOM), 3 days slower than April 2019.
Forecast: April sales were seven units, or 2.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 250 sales for the month, while actual sales were 243 units. ACRE forecast a total of 848 residential sales year-to-date, while there were 914 actual sales through April, a difference of 7.8%.
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 the time period April 1 – 30, 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.
