According to the Tuscaloosa Association of Realtors, February home sales in the area increased 23.0% year-over-year (Y/Y) from 183 to 225 closed transactions. Contrary to seasonal trends, sales decreased 15.8% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: February listings (574) increased 4.0% from January and increased 9.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 3.6 months in January, and down from 2.9 months in February 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in February was $255,000, an increase of 6.7% from one year ago and an increase of 7.4% from January. 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 February averaged 50 days on the market (DOM), 2 days faster than February 2023.
Forecast: February sales were 34 units, or 17.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 191 sales for the month, while actual sales were 225 units.
New Construction: The 37 new homes sold represented 16.4% of all residential sales in the area in February. Total sales increased 23.3% year-over-year. The median sales price was $259,900, a decrease of 14.8% from one year ago and a decrease of 1.9% from January.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
