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

Sep 01, 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_fi… r_Report_Aug2011.pdf

Explore further: What happened to savings for the future?

Provided by University of Alabama

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Study: New negative trend in Phoenix housing market

Nov 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

Apr 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

Industrial clusters fuel economies, according to study

Dec 22, 2014

Experts have long theorized that having a cluster of firms within a given industry helps a region's economy grow. Now a study co-authored by an MIT professor shows empirically that clusters of almost all ...

Economic output less dependent on road transportation

Dec 22, 2014

For the past 10 years, motorization in the U.S. has been on the decline, due mainly to more telecommuting, greater use of public transit, increased urbanization of the population and changes in the ages of drivers.

User comments : 0

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.