Sales: According to the Tuscaloosa Association of Realtors, October home sales in the area increased 24.5% year-over-year (Y/Y) from 212 to 264 closed transactions, marking five consecutive months of Y/Y gains. Following seasonal trends, sales decreased 11.4% from September and are now up 14.4% year-to-date. Additionally, the 33 new homes sold represented 12.5% of total residential sales in October. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 21.5% Y/Y from 825 listings one year ago to 648 in October. Months of supply dropped from 3.9 to 2.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in October was $199,900, an increase of 9.8% from one year ago and a decrease of 9.1% from September. 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 October averaged 44 days on the market (DOM), 12 days faster than October 2019.
Forecast: October sales were 51 units, or 23.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 213 sales for the month, while actual sales were 264 units. ACRE forecast a total of 2,470 residential sales year-to-date, while there were 2,699 actual sales through October, a difference of 9.3%.
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 October 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.