According to the Tuscaloosa Association of Realtors, September home sales in the area decreased 26.3% year-over-year (Y/Y) from 274 to 202 closed transactions. Contrary to seasonal trends, sales decreased 22.9% from August. Sales are down 16.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: September listings (561) increased 6.5% from August and decreased 10.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, up from 2.0 months in August, and up from 1.4 months in September 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 September was $269,950, an increase of 13.0% from one year ago and an increase of 3.8% from August. 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 September averaged 39 days on the market (DOM), 2 days faster than September 2022.
Forecast: September sales were 36 units, or 15.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 238 sales for the month, while actual sales were 202 units. ACRE forecast a total of 2,280 residential sales year-to-date, while there were 2,069 actual sales through September, a difference of 9.3%.
New Construction: The 38 new homes sold represented 18.8% of all residential sales in the area in September. Total sales decreased 5.0% year-over-year. The median sales price was $250,675, a decrease of 17.7% from one year ago and a decrease of 6.7% from August.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
