Southeast Alabama home sales decline in April 2020 while prices remain stable

Sales: According to the Southeast Alabama Association of Realtors, April residential sales in the Dothan area decreased 8.2% year-over-year from 171 to 157 closed transactions. Going against seasonal trends, sales decreased 9.8% from March. Sales are now up 0.2% year-to-date, but are likely to moderate amid the economic impact of COVID-19. Two more resources to review: Quarterly Report and Annual Report.

For all of the Dothan area’s housing data, click here.

Inventory: Total homes listed for sale in April declined 22.8% year-over-year from 798 to 616 listings. Months of supply declined from 4.7 to 3.9, reflecting a seller’s market in the area.

Pricing: The Dothan area median sales price in April was $164,900, an increase of 8% from one year ago and an increase of 8.1% from March. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in April averaged 134 days on the market (DOM), 10 days faster than April 2019.

Forecast: April sales were 27 units, or 20.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 130 sales for the month, while actual sales were 157 units. ACRE forecast a total of 464 residential sales in the Dothan area year-to-date, while there were 537 actual sales through April, a difference of 15.7%

Click here to view the entire monthly report.

The Southeast Alabama Residential Monthly Report is developed in conjunction with the Southeast Alabama Association of Realtors to better serve Dothan-area consumers.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 – 29, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.