ALABAMA REAL ESTATE JOURNAL

Tuscaloosa area home sales up 16% year-over-year in December

According to the Tuscaloosa Association of Realtors, December home sales in the area increased 16.4% year-over-year from 183 to 213 closed transactions. Sales increased 8.1% from November. Two more resources to review: Quarterly Report and Annual Report. 

For all Tuscaloosa-area housing data, click here. 

Inventory: December listings (650) were up 16.7% from November and decreased 4.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.5 months in November, and up from 3.0 months in December 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 December was $279,900, an increase of 10.4% from one year ago and an increase of 1.8% 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 54 days on the market (DOM), 7 days slower than December 2023. 

Forecast: December sales were 23 units, or 11.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 190 sales for the month, while actual sales were 213 units. ACRE forecasted a total of 2,709 home sales year-to-date, while there were 2,806 actual sales through December, a difference of 3.6%. 

New Construction: The 45 new homes sold represented 21.1% of all residential sales in the area in December. Total sales decreased 13.5% year-over-year. The median sales price was $314,900, an increase of 21.1% from one year ago and a decrease of 6.9% 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. 

 

 

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