Sales: According to the Tuscaloosa Association of Realtors, March home sales in the area increased 17.7% year-over-year (Y/Y) from 266 to 313 closed transactions. Following seasonal trends, sales increased 42.9% from February. Sales are now up 13.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 36.1% Y/Y from 718 listings one year ago to 459 in March. Months of supply dropped from 2.7 to 1.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in March was $220,000, an increase of 15.9% from one year ago and an increase of 1.9% from February. 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 March averaged 46 days on the market (DOM), 19 days faster than March 2020.
Forecast: March sales were 7 units, or 2.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 306 sales for the month, while actual sales were 313 units. ACRE forecast a total of 765 residential sales year-to-date, while there were 759 actual sales through March, a difference of 0.8%.
New Construction: The 34 new homes sold represented 10.9% of all residential sales in the area in March. Total sales increased 25.9% year-over-year. The median sales price was $320,375, an increase of 47.8% from one year ago and an increase of 23.3% from February.
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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.