Tornado's impact on Tuscaloosa real estate described in UA study

September 1, 2011

A comprehensive real estate report on the short-term impact and an analysis of the April 27 tornado that ravaged the Tuscaloosa area is now available from the Alabama Center for Real Estate at The University of Alabama’s Culverhouse College of Commerce.

The report includes an assessment of the residential market following the storm and an analysis of the impact on the residential housing supply. For example, the report indicates 5,144 total housing units, or 12.6 percent of the city’s housing inventory, were impacted by the storm and 1,240 houses were destroyed, at an average replacement cost estimated at $76,444.

“In a broad sense, the city’s real estate market has been very resilient during the study period, which we defined as the second quarter of the year,” said Grayson Glaze, executive director of UA’s Alabama Center for . “During the same period last year, residential sales within the impact area were 32 percent of total sales and residential sales within the impacted area this year only fell to 25 percent of total sales.”

The report also provides a detailed examination of residential market conditions in the Tuscaloosa market that includes sales, average and median sales prices, days on market, total units for sale, building permits and foreclosure rates.

The report is available at: acre.cba.ua.edu/store/store_files/Tusc_RE_Disaster_Report_Aug2011.pdf

Explore further: UCLA Anderson Forecast Predicts Soft but Turbulent Landing for National Economy

Related Stories

Study: New negative trend in Phoenix housing market

November 30, 2010

It’s official: The Phoenix housing market appears to be experiencing a new downward trend. A new report from the W. P. Carey School of Business at ASU confirms a year-over-year decrease in home prices for the third month ...

Phoenix-area foreclosure rate drops slightly

April 20, 2011

A little bit of good news is coming to the Phoenix-area housing market. Foreclosures accounted for just under 38 percent of the existing-home transactions in the area in March. A new report from the W. P. Carey School of ...

Recommended for you

Early human diet explains our eating habits

August 31, 2015

Much attention is being given to what people ate in the distant past as a guide to what we should eat today. Advocates of the claimed palaeodiet recommend that we should avoid carbohydrates and load our plates with red meat ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.