Sales: According to the Tuscaloosa Association of Realtors, November home sales in the area increased 25.1% year-over-year (Y/Y) from 187 to 234 closed transactions, marking six consecutive months of Y/Y gains. Following seasonal trends, sales decreased 11.4% from October and are now up 15.2% year-to-date. Additionally, the 39 new homes sold represented 14.8% of total residential sales in November. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 24.2% Y/Y from 802 listings one year ago to 608 in November. Months of supply dropped from 4.3 to 2.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in November was $215,150, an increase of 17.9% from one year ago and an increase of 7.6% from October. 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 November averaged 49 days on the market (DOM), 9 days faster than November 2019.
Forecast: November sales were 42 units, or 21.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 192 sales for the month, while actual sales were 234 units. ACRE forecast a total of 2,662 residential sales year-to-date, while there were 2,933 actual sales through November, a difference of 10.2%.
New Construction: The 39 new homes sold represent 14.8% of all residential sales in the area in November. Total sales increased 18.2% year-over-year. The median sales price was $218,620, an increase of 4.7% from October and an increase of 2.2% from one year ago.
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 November 1 – 30, 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.
