Sales: According to the Tuscaloosa Association of Realtors, March home sales in the area decreased 19.2% year-over-year (Y/Y) from 328 to 265 closed transactions. Sales increased 44.8% from February. Sales are down 25.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: March listings (509) decreased 2.9% from February and increased 53.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.9 months in February and up from 1.0 months in March 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 March was $259,900, an increase of 12.9% from one year ago and an increase of 8.7% from February. 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 March averaged 50 days on the market (DOM), 19 days slower than March 2022.
Forecast: March sales were 1 unit, or 0.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 264 sales for the month, while actual sales were 265 units. ACRE forecast a total of 624 residential sales year-to-date, while there were 594 actual sales through March, a difference of 4.7%.
New Construction: The 47 new homes sold represented 17.7% of all residential sales in the area in March. Total sales decreased 11.3% year-over-year. The median sales price was $295,000, a decrease of 1.3% from one year ago and a decrease of 3.2% from February.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
