Sales: According to the Tuscaloosa Association of Realtors, February home sales in the area increased 6.8% year-over-year (Y/Y) from 219 to 234 closed transactions. Following seasonal trends, sales stayed the same from January. Sales are up 4.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: February listings (360) stayed the same from January and declined 28.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.5 months, the same as 1.5 in January and down from 2.3 months in February 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in February was $233,363, an increase of 8.0% from one year ago and an increase of 1.5% from January. 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 February averaged 35 days on the market (DOM), 11 days faster than February 2021.
Forecast: February sales were 28 units, or 10.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 262 sales for the month, while actual sales were 234 units. ACRE forecast a total of 497 residential sales year-to-date, while there were 468 actual sales through February, a difference of 5.8%.
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 February 1 – 28, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.