Sales: According to the Tuscaloosa Association of Realtors, January home sales in the area decreased 37.6% year-over-year (Y/Y) from 234 to 146 closed transactions. Sales decreased 21.5% from December. Sales are down 37.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: January listings (544) increased 4.4% from December and increased 51.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 2.8 months in December and up from 1.5 months in January 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 January was $246,700, an increase of 7.3% from one year ago and a decrease of 1.0% 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 50 days on the market (DOM), 16 days slower than January 2021.
Forecast: January sales were 12 units, or 7.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 158 sales for the month, while actual sales were 146 units. ACRE forecast a total of 158 residential sales year-to-date, while there were 146 actual sales through January, a difference of 7.8%.
New Construction: The 23 new homes sold represented 15.8% of all residential sales in the area in January. Total sales decreased 36.1% year-over-year. The median sales price was $324,000, an increase of 21.2% from one year ago and an increase of 11.8% from December.
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The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.