The State of the Tuscaloosa Condo Market
According to the Alabama Center for Real Estate, the overall housing market in Tuscaloosa is strong. Year/year demand is up 15%, supply is down 23% and prices have inched up by 5%. Specifically, condominium sales have doubled from 2016 to 2017 with the median condo price jumping from $132,000 to $221,000 during the same measuring period. The average days on the market in October 2017 was 72; in 2016 it was 84. The final important consideration is that the number of new listings dropped from 211 to 158 year/year in October.
To summarize, prices are up, supply is down, condos are selling quicker with less supply is coming on line when comparing 2016 to 2017. When all the empirical data lines up like this, with no inconsistencies between trends, it’s easy to deduce that Tuscaloosa condos are very much in demand and people are willing to pay more now than in the past to be part of this market.