According to the Tuscaloosa Association of Realtors, July home sales in the area decreased 14.9% year-over-year (Y/Y) from 289 to 246 closed transactions. Following seasonal trends, sales decreased 10.6% from June. Sales are down 25.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: July listings (486) increased 2.1% from June and decreased 14.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.0 months, up from 1.7 in June and equal to July 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 July was $260,000, an increase of 0.6% from one year ago and a decrease of 4.1% from June. 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 July averaged 39 days on the market (DOM), 17 days slower than July 2022.
Forecast: July sales were 44 units, or 15.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 290 sales for the month, while actual sales were 246 units. ACRE forecast a total of 1,716 residential sales year-to-date, while there were 1,605 actual sales through July, a difference of 8.9%.
New Construction: The 31 new homes sold represented 12.6% of all residential sales in the area in July. Total sales decreased 27.9% year-over-year. The median sales price was $272,900, a decrease of 9.0% from one year ago and an increase of 0.7% from June.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
