According to the Tuscaloosa Association of Realtors, March home sales in the area decreased 15.1% year-over-year from 265 to 225 closed transactions. Sales didn’t change from February. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: March listings (563) decreased 1.9% from February and increased 10.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.5 months, down from 2.6 months in February, and up from 1.9 months in March 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 March was $259,000, a decrease of 0.3% from one year ago and an increase of 1.6% from February. 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 March averaged 46 days on the market (DOM), 4 days faster than March 2023.
Forecast: March sales were 32 units, or 12.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 257 sales for the month, while actual sales were 225 units. ACRE forecasted a total of 607 home sales year-to-date, while there were 604 actual sales through March, a difference of 0.5%.
New Construction: The 38 new homes sold represented 16.9% of all residential sales in the area in March. Total sales decreased 19.1% year-over-year. The median sales price was $282,150, a decrease of 4.4% from one year ago and an increase of 8.6% from February.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
