According to the Tuscaloosa Association of Realtors, December home sales in the area decreased 1.6% year-over-year (Y/Y) from 186 to 183 closed transactions. Contrary to seasonal trends, sales increased 5.2% from November. Sales are down 20.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: December listings (557) decreased 8.5% from November and increased 6.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, down from 3.5 months in November, and up from 2.8 months in December 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 December was $253,500, an increase of 1.7% from one year ago and a decrease of 2.5% from November. 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 December averaged 47 days on the market (DOM), 4 days slower than December 2022.
Forecast: December sales were 46 units, or 33.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 137 sales for the month, while actual sales were 183 units. ACRE forecast a total of 2,715 residential sales year-to-date, while there were 2,405 actual sales through December, a difference of 11.4%.
New Construction: The 52 new homes sold represented 28.4% of all residential sales in the area in December. Total sales increased 48.6% year-over-year. The median sales price was $260,000, a decrease of 10.3% from one year ago and an increase of 4.0% from November`.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
