Sales: According to the Tuscaloosa Association of Realtors, February home sales in the area decreased 5.6% year-over-year (Y/Y) from 232 to 219 closed transactions, ending eight consecutive months of Y/Y gains. Going against seasonal trends, sales decreased 3.5% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 28.3% Y/Y from 704 listings one year ago to 505 in February. Months of supply dropped from 3.0 to 2.3, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $216,000, an increase of 23.1% from one year ago and an increase of 2.9% from January. 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 February averaged 46 days on the market (DOM), 21 days faster than February 2020.
Forecast: February sales were 30 units, or 11.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 249 sales for the month, while actual sales were 219 units. ACRE forecast a total of 459 residential sales year-to-date, while there were 446 actual sales through February, a difference of 2.9%.
New Construction: The 27 new homes sold represented 12.3% of all residential sales in the area in February. Total sales increased 8% year-over-year. The median sales price was $259,900, an increase of 11.1% from one year ago and an increase of 23.8% from January.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.