Sales: According to the Tuscaloosa Association of Realtors, June home sales in the area increased 13.1% year-over-year (Y/Y) from 320 to 362 closed transactions. Following seasonal trends, sales increased 7.4% from May. Sales are now up 21.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: June listings (415) increased 5.6% from May and declined 38.4% from one year ago. Months of supply (inventory to sales ratio) also decreased from 2.1 to 1.1, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The median sales price in June was $239,900, an increase of 23.0% from one year ago and an increase of 9.1% from May. 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 June averaged 33 days on the market (DOM), 21 days faster than June 2020.
Forecast: June sales were 14 units, or 4.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 348 sales for the month, while actual sales were 362 units. ACRE forecast a total of 1753 residential sales year-to-date, while there were 1805 actual sales through June, a difference of 3.0%.
New Construction: The 21 new homes sold represented 5.8% of all residential sales in the area in June. Total sales decreased 51.2% year-over-year. The median sales price was $275,900, an increase of 7.4% from one year ago and a decrease of 2.2% from May.
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 June 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.