Tuscaloosa area home sales rebound in June 2020
Sales: According to the Tuscaloosa Association of Realtors, June home sales in the area increased 29% year-over-year (Y/Y) from 248 to 320 closed transactions. Following seasonal trends, sales increased 28.5% from May. Sales are now up 10.8% 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 21.1% Y/Y from 854 listings one year ago to 674 in June. Months of supply dropped from 3.4 to 2.1, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in June was $195,080, an increase of 3.3% from one year ago and a decrease of 4.4% from May. 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 June averaged 54 days on the market (DOM), equal to June 2019.
Forecast: June sales were 19 units, or 6.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 301 sales for the month, while actual sales were 320 units. ACRE forecast a total of 1,438 residential sales year-to-date, while there were 1,483 actual sales through June, a difference of 3.1%.
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 June 1 - 30, 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.