Sales: According to the Tuscaloosa Association of Realtors, May home sales in the area increased 2.1% year-over-year (Y/Y) from 337 to 344 closed transactions. Following seasonal trends, sales increased 4.9% from April. Sales are up 1.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: May listings (434) increased 25.8% from April and increased 10.4% from one year ago, the area’s first Y/Y inventory gain since June 2019. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.1 months in April and up from 1.2 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.
Pricing: The median sales price in May was $249,658, a record high for the area and an increase of 13.5% from one year ago and an increase of 7.2% from April. 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 May averaged 22 days on the market (DOM), a record low for the area and 9 days faster than May 2021.
Forecast: May sales were 6 units, or 1.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 350 sales for the month, while actual sales were 344 units. ACRE forecast a total of 1,505 residential sales year-to-date, while there were 1,468 actual sales through May, a difference of 2.5%.
New Construction: The 38 new homes sold represented 11.0% of all residential sales in the area in May. Total sales increased 123.5% year-over-year. The median sales price was $269,780, a decrease of 4.3% from one year ago and an increase of 12.7% from April.
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The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.