The Tuscaloosa housing market numbers for May showed some slight improvements over the previous month.
The total number of homes sold was 245, with new construction sales coming in at roughly 54 out of 245, which is 22% of the existing inventory. The total number of homes sold in April 2007 was 184, so we have a 21% increase over last month.
The average days on the market (DOM) for May was 96, compared to April's DOM of 110. That's good news relative to what we are hearing nationwide.
However, it appears that prices are coming down. In April the average selling price was $181,486, compared to May's average selling price of $168,234.
Overall, it seems like the market is more active, and the fact that the days on the market (DOM) number is lower than the previous month's figures is encouraging.
Tuscaloosa, Alabama is still a strong real estate market with the University of Alabama population and the number of manufacturing jobs, i.e., Mercedes Benz, in the area.
If you would like additional information on the Tuscaloosa housing market, or the area itself, please contact Todd Murphy of Zero Commission Real Estate, Inc.
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