Sales: According to the Tuscaloosa Association of Realtors, April home sales in the area increased 42.8% year-over-year (Y/Y) from 243 to 347 closed transactions. Following seasonal trends, sales increased 10.86% from March. Sales are now up 21.01% 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 41.55% Y/Y from 698 listings one year ago to 408 a record low in April. Months of supply dropped from 2.9 to 1.2 a record low, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in April was $229,000, an increase of 23.12% from one year ago and an increase of 4.09% from March. 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 April averaged 38 days on the market (DOM), 24 days faster than April 2020.
Forecast: April sales were 59 units, or 20.66%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 288 sales for the month, while actual sales were 347 units. ACRE forecast a total of 1053 residential sales year-to-date, while there were 1106 actual sales through April, a difference of 5.07%.
New Construction: The 35 new homes sold represented 10.1% of all residential sales in the area in April. Total sales increased 6.1% year-over-year. The median sales price was $274,900, an increase of 25.3% from one year ago and a decrease of 14.2% from March.
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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
