According to the Tuscaloosa Association of Realtors, November home sales in the area decreased 8.4% year-over-year (Y/Y) from 190 to 174 closed transactions. Contrary to seasonal trends, sales increased 7.4% from October. Sales are down 21.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: November listings (609) decreased 1.0% from October and increased 16.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 3.8 months in October, and up from 2.8 months in November 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 November was $259,900, an increase of 11.3% from one year ago and an increase of 2.0% from October. 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 November averaged 44 days on the market (DOM), 5 days faster than November 2022.
Forecast: November sales were 35 units, or 16.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 209 sales for the month, while actual sales were 174 units. ACRE forecast a total of 2,715 residential sales year-to-date, while there were 2,405 actual sales through November, a difference of 11.4%.
New Construction: The 27 new homes sold represented 15.5% of all residential sales in the area in November. Total sales increased 68.8% year-over-year. The median sales price was $249,900, a decrease of 24.1% from one year ago and a decrease of 3.4% from October.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
