Tuscaloosa area home sales decline in May 2020
Sales: Accorting to the Tuscaloosa Association of Realtors, May home sales in the Tuscaloosa area decreased 12.9% year-over-year (Y/Y) from 286 to 249 closed transactions. Following seasonal trends, sales increased 2.5% from April. Sales are now up 6.7% year-to-date, but are likely to moderate amid the growing economic impact of COVID. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: Homes listed for sale decreased 16.2% Y/Y from 820 listings one year ago to 687 in May. Months of supply dropped from 2.9 to 2.8, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in May was $204,000, an increase of 8.2% from one year ago and a decrease of 9.7% 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 57 days on the market (DOM), equal to May 2019.
Forecast: May sales were 40 units, or 13.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 289 sales for the month, while actual sales were 249 units. ACRE forecast a total of 1,137 residential sales year-to-date, while there were 1,163 actual sales through May, a difference of 2.3%.
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 May 1 - 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.