Sales: According to the Tuscaloosa Association of Realtors, January home sales in the area increased 31.2% year-over-year (Y/Y) from 173 to 227 closed transactions, marking eight consecutive months of Y/Y gains. Following seasonal trends, sales decreased 26.8% from December. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 33.7% Y/Y from 760 listings one year ago to 504 in January. Months of supply dropped from 4.4 to 2.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in January was $209,900, an increase of 10.5% from one year ago and a decrease of 0.02% from December. 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 January averaged 44 days on the market (DOM), 29 days faster than January 2020.
Forecast: January sales were 17 units, or 7.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 210 sales for the month, while actual sales were 227 units.
New Construction: The 44 new homes sold represented 19.4% of all residential sales in the area in January. Total sales increased 57.1% year-over-year. The median sales price was $209,900, a decrease of 12% from one year ago and a decrease of 17.7% from December.
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 January 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.
