Sales: According to the Tuscaloosa Association of Realtors, February home sales in the area decreased 21.8% year-over-year (Y/Y) from 234 to 183 closed transactions. Sales increased 25.3% from January. Sales are down 29.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: February listings (524) decreased 3.7% from January and increased 45.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.7 months in January and up from 1.5 months in February 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The median sales price in February was $239,000, an increase of 2.4% from one year ago and a decrease of 3.1% 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 52 days on the market (DOM), 17 days slower than February 2022.
Forecast: February sales were 9 units, or 9.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 202 sales for the month, while actual sales were 183 units. ACRE forecast a total of 360 residential sales year-to-date, while there were 329 actual sales through February, a difference of 8.6%.
New Construction: The 30 new homes sold represented 16.4% of all residential sales in the area in February. Total sales increased 11.1% year-over-year. The median sales price was $304,900, an increase of 5.7% from one year ago and a decrease of 5.9% from January.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
