Sales: According to the Tuscaloosa Association of Realtors, April home sales in the area decreased 5.5% year-over-year (Y/Y) from 347 to 328 closed transactions. Going against seasonal trends, sales were equal to March. Sales are up 1.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: April listings (345) increased 4.2% from March and declined 15.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.1 months, up from 1.0 months in March and down from 1.2 months in April 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $232,980, an increase of 1.7% from one year ago and an increase of 1.2% from March. 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 April averaged 31 days on the market (DOM), 7 days faster than April 2021.
Forecast: April sales were 2 units, or 0.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 330 sales for the month, while actual sales were 328 units. ACRE forecast a total of 1,155 residential sales year-to-date, while there were 1,124 actual sales through April, a difference of 2.7%.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.