Sales: According to the Tuscaloosa Association of Realtors, August home sales in the area increased 1.4% year-over-year (Y/Y) from 286 to 290 closed transactions, marking three consecutive Y/Y gains. Sales decreased 20.3% from July and are now up 11.5% year-to-date. Additionally, the 35 new homes sold represented 12.1% of total residential sales in August. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 21.3% Y/Y from 832 listings one year ago to 655 in August. Months of supply dropped from 2.9 to 2.3, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in August was $211,250, an increase of 17.4% from one year ago and a decrease of 1.5% 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 52 days on the market (DOM), 7 days slower than August 2019.
Forecast: August sales were one unit, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 291 sales for the month, while actual sales were 290 units. ACRE forecast a total of 2,031 residential sales year-to-date, while there were 2,137 actual sales through August, a difference of 5.2%.
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 August 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.
