Sales: According to the Tuscaloosa Association of Realtors, April home sales in the area decreased 38.7% year-over-year (Y/Y) from 328 to 201 closed transactions. Sales decreased 24.2% from March. Sales are down 29.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: April listings (471) decreased 7.5% from March and increased 36.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, up from 1.9 months in March and up from 1.1 months in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price in April was $249,900, an increase of 7.3% from one year ago and a decrease of 3.8% from March. 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 April averaged 47 days on the market (DOM), 16 days slower than April 2022.
Forecast: April sales were 51 units, or 20.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 252 sales for the month, while actual sales were 201 units. ACRE forecast a total of 624 residential sales year-to-date, while there were 795 actual sales through April, a difference of 27.5%.
New Construction: The 28 new homes sold represented 7.2% of all residential sales in the area in April. Total sales decreased 45.1% year-over-year. The median sales price was $268,450, an increase of 12.2% from one year ago and a decrease of 9% from March.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
