According to the Tuscaloosa Association of Realtors, February home sales in the area decreased 5.3% year-over-year from 225 to 213 closed transactions. Sales increased 22.4% from January. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: February listings (702) were up 1.0% from January and increased 22.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, down from 4.0 months in January, and up from 2.6 months in February 2024. 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 $259,900, an increase of 1.9% from one year ago and a decrease of 2.0% 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 48 days on the market (DOM), 2 days faster than February 2024.
Forecast: February sales were 7 units, or 3.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 206 sales for the month, while actual sales were 213 units. ACRE forecasted a total of 367 home sales year-to-date, while there were 387 actual sales through February, a difference of 5.4%.
New Construction: The 42 new homes sold represented 19.7% of all residential sales in the area in February. Total sales increased 13.5% year-over-year. The median sales price was $296,050, an increase of 13.9% from one year ago and a decrease of 5.5% 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.
