Sales: According to the Tuscaloosa Association of Realtors, January home sales in the area increased 3.1% year-over-year (Y/Y) from 227 to 234 closed transactions. Following seasonal trends, sales decreased 17.6% from December. Sales are up 3.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: January listings (360) decreased 8.6% from December and declined 28.6% 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 in December and down from 2.2 months in January 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in January was $229,900, an increase of 9.5% from one year ago and a decrease of 1.9% from December. 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 January averaged 34 days on the market (DOM), 10 days faster than January 2021.
Forecast: January sales were 1 unit, or 0.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 235 sales for the month, while actual sales were 234 units. ACRE forecast a total of 235 residential sales year-to-date, while there were 234 actual sales through January, a difference of 0.3%.
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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.