While average home prices in the US fell 8.2%, Tuscaloosa had a rise in prices of 4.84%. Robert Brooks, an economics and finance professor at the University of Alabama, contributed the housing market to the areas diversity of industry and fiscally well-run local government.
"Look at the financial management of Tuscaloosa County compared with Jefferson County up the road. It is quite a contrast," he said. Jefferson County is on the verge of filing the largest municipal bankruptcy in U.S. history because of its inability to pay bondholders who financed the county's multibillion-dollar sewer system update. The Birmingham-Hoover metro area, which is mostly in Jefferson County, ranked 66th nationally.
Nicki Simmons, executive vice president of the Tuscaloosa Association of Realtors, said the report shows the Tuscaloosa housing market remains stable. She said on average, homes in the Tuscaloosa area sell for 97 percent of their list price.
That's good news for home sellers, she said. For home buyers, she said, homes here still are gaining in value and there still are plenty of bargains. Among new construction, many builders are offering concessions like paying closing costs or including extras, she said. There are more than 1,800 homes and condominiums on the market in the Tuscaloosa metro area. In January, the average home was on the market for 123 days, compared with 113 days a year earlier.
This year Tuscaloosa, as well as the rest of the country, looks to see the market stabilize but to remain strong in comparison.
For more information on the Nation housing Report go to www.ofheo.gov/media/hpi/4q08hpi.pdf
For More on the Tuscaloosa market go to http://www.chriswlee.com or Call Chris Lee at 205-233-5183.
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