According to the Tuscaloosa Association of Realtors, October home sales in the area decreased 12.9% year-over-year (Y/Y) from 186 to 162 closed transactions. Contrary to seasonal trends, sales decreased 19.8% from September. Sales are down 22.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: October listings (615) increased 9.6% from September and increased 16.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 2.8 months in September, and up from 2.8 months in October 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 October was $254,900, an increase of 1.9% from one year ago and a decrease of 5.6% from September. 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 October averaged 45 days on the market (DOM), 5 days slower than October 2022.
Forecast: October sales were 64 units, or 28.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 226 sales for the month, while actual sales were 162 units. ACRE forecast a total of 2,506 residential sales year-to-date, while there were 2,231 actual sales through October, a difference of 11.0%.
New Construction: The 29 new homes sold represented 17.9% of all residential sales in the area in October. Total sales increased 20.8% year-over-year. The median sales price was $258,650, a decrease of 12.9% from one year ago and an increase of 3.2% from September.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
