Sales: According to the Tuscaloosa Association of Realtors, October home sales in the area increased 0.8% year-over-year (Y/Y) from 264 to 266 closed transactions. Following seasonal trends, sales decreased 13.9% from September. Sales are up 12.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: October listings (402) decreased 8.2% from September and declined 38.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.5 months, up from 1.4 months in September and down from 2.5 months in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in October was $229,900, an increase of 15.0% from one year ago and no change from September. 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 October averaged 44 days on the market (DOM), the same pace as October 2020.
Forecast: October sales were 2 units, or 0.60%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 264 sales for the month, while actual sales were 266 units. ACRE forecast a total of 2,948 residential sales year-to-date, while there were 3,048 actual sales through October, a difference of 3.4%.
New Construction: The 43 new homes sold represent 16.2% of all residential sales in the area in October. Total sales increased 30.3% year-over-year. The median sales price was $283,395, an increase of 35.7% from one year ago and a decrease of 0.6% from September.
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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.