According to the Tuscaloosa Association of Realtors, May home sales in the area decreased 3.5% year-over-year from 289 to 279 closed transactions. Sales rose 12.0% from April. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: May listings (614) increased 6.0% from April and increased 27.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.2 months, down from 2.3 months in April, and up from 1.7 months in May 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 May was $266,000, an increase of 3.8% from one year ago and an increase of 2.3% from April. 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 May averaged 36 days on the market (DOM), 3 days faster than May 2023.
Forecast: May sales were 19 units, or 6.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 298 sales for the month, while actual sales were 279 units. ACRE forecasted a total of 1,128 home sales year-to-date, while there were 1,132 actual sales through May, a difference of 0.4%.
New Construction: The 34 new homes sold represented 12.2% of all residential sales in the area in May. Total sales decreased 2.9% year-over-year. The median sales price was $281,275, a decrease of 12.1% from one year ago and an increase of 0.5% from April.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
