Sales: According to the Tuscaloosa Association of Realtors, May home sales in the area decreased 16.0% year-over-year (Y/Y) from 344 to 289 closed transactions. Sales increased 43.8% from April. Sales are down 26.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: May listings (482) increased 2.3% from April and increased 11.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, down from 2.3 months in April and up from 1.3 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in May was $252,260, an increase of 2.6% from one year ago and an increase of 2.5% from April. 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 May averaged 39 days on the market (DOM), 17 days slower than May 2022.
Forecast: May sales were 3 units, or 1.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 286 sales for the month, while actual sales were 289 units. ACRE forecast a total of 1,161 residential sales year-to-date, while there were 1,081 actual sales through May, a difference of 6.7%.
New Construction: The 45 new homes sold represented 15.6% of all residential sales in the area in May. Total sales increased 18.1% year-over-year. The median sales price was $320,000, an increase of 18.6% from one year ago and a decrease of 19.2% from April.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
