Sales: According to the Tuscaloosa Association of Realtors, May home sales in the area increased 35.3% year-over-year (Y/Y) from 249 to 337 closed transactions. Following seasonal trends, sales decreased 2.9% from April. Sales are now up 24.1% 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 42.8% Y/Y from 687 listings one year ago to 393, a record low, in May. Months of supply dropped from 2.8 to 1.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in May was $220,000, an increase of 7.84% from one year ago and a decrease of 3.93% from April. 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 May averaged 31 days on the market (DOM), a record low and 26 days faster than May 2020.
Forecast: May sales were 15 units, or 4.38%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 352 sales for the month, while actual sales were 337 units. ACRE forecast a total of 1405 residential sales year-to-date, while there were 1443 actual sales through May, a difference of 5.07%.
New Construction: The 17 new homes sold represented 5.0% of all residential sales in the area in May. Total sales decreased 50.0% year-over-year. The median sales price was $282,000, an increase of 14.9% from one year ago and an increase of 2.6% from April.
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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.