Tuscaloosa-area home sales down slightly in July
Topics: Residential Real Estate
Markets: Tuscaloosa Area
Sales: According to the Tuscaloosa Association of Realtors, July home sales in the area decreased 0.6% year-over-year (Y/Y) from 364 to 362 closed transactions. Following seasonal trends, sales were unchanged from June. Sales are now up 17.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: July listings (434) increased 4.6% from June and declined 36.1% from one year ago. Months of supply (inventory to sales ratio) also decreased from 1.9 to 1.2, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The median sales price in July was $241,048, an increase of 12.4% from one year ago and an increase of 0.5% from June. 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 July averaged 34 days on the market (DOM), 16 days faster than July 2020.
Forecast: July sales were 24 units, or 7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 338 sales for the month, while actual sales were 362 units. ACRE forecast a total of 2,091 residential sales year-to-date, while there were 2,167 actual sales through July, a difference of 3.6%.
New Construction: The 22 new homes sold represented 6.1% of all residential sales in the area in July. Total sales decreased 54.2% year-over-year. The median sales price was $278,450, an increase of 22.7% from one year ago and an increase of 0.9% from June.
Click here to view the entire monthly report.
The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.