Sales: According to the Tuscaloosa Association of Realtors, November home sales in the area increased 11.5% year-over-year (Y/Y) from 234 to 261 closed transactions. Following seasonal trends, sales decreased 1.9% from October. Sales are up 12.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: November listings (425) increased 5.7% from October and declined 30.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.6 months, up from 1.5 in October and down from 2.6 months in November 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in November was $229,900, an increase of 6.9% from one year ago and unchanged from October. 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 November averaged 35 days on the market (DOM), 14 days faster than November 2020.
Forecast: November sales were 4 units, or 1.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 257 sales for the month, while actual sales were 261 units. ACRE forecast a total of 3205 residential sales year-to-date, while there were 3,309 actual sales through November, a difference of 3.2%.
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 November 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.