Sales: According to the Tuscaloosa Association of Realtors, July home sales in the area decreased 20.2% year-over-year (Y/Y) from 362 to 289 closed transactions. Following seasonal trends, sales decreased 25.9% from June. Sales are down 0.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: July listings (570) increased 3.8% from June and increased 31.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, up from 1.4 months in June and up from 1.2 months in July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The median sales price in July was $258,500, a record high for the area and an increase of 7.2% from one year ago and an increase of 1.4% from June. 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 July averaged 22 days on the market (DOM), 12 days faster than July 2021.
Forecast: July sales were 84 units, or 22.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 373 sales for the month, while actual sales were 289 units. ACRE forecast a total of 2,247 residential sales year-to-date, while there were 2,147 actual sales through July, a difference of 4.5%.
New Construction: The 43 new homes sold represented 14.9% of all residential sales in the area in July. Total sales increased 95.5% year-over-year. The median sales price was $299,900, an increase of 7.7% from one year ago and an increase of 14% from June.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.