Sales: According to the Tuscaloosa Association of Realtors, July home sales in the area increased 24.2% year-over-year (Y/Y) from 293 to 364 closed transactions. Sales increased 13.8% from June and are now up 13.2% year-to-date. Additionally, the 48 new homes sold represented 13.2% of total residential sales in June. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 17.2% Y/Y from 820 listings one year ago to 679 in July. Months of supply dropped from 2.8 to 1.9, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in July was $214,450, an increase of 19.2% from one year ago and an increase of 9.9% from June. 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 July averaged 40 days on the market (DOM), 14 days faster than July 2019.
Forecast: July sales were 62 units, or 20.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 302 sales for the month, while actual sales were 364 units. ACRE forecast a total of 1,740 residential sales year-to-date, while there were 1,847 actual sales through July, a difference of 6.2%.
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 July 1 – 31, 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.