Southeast Alabama home sales increase slightly in May 2020

Sales: According to the Southeast Alabama Association of Realtors, May residential sales in the Dothan area increased 0.7% year-over-year from 148 to 149 closed transactions. Following seasonal trends, sales decreased 5.1% from April. Year-to-date sales (686) are equal to one year ago, 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 May declined 35.2% year-over-year from 830 to 538 listings. Months of supply declined from 5.6 to 3.6, reflecting a market where seller’s generally have elevated bargaining power.

Pricing: The Dothan area median sales price in May was $160,000, a decrease of 2.7% from one year ago and a decrease of 3% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in May averaged 119 days on the market (DOM), 4 days slower than May 2019.

Forecast: May sales were four units, or 2.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 149 units. ACRE forecast a total of 609 residential sales in the Dothan area year-to-date, while there were 686 actual sales through May, a difference of 12.6%

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 May 1 – 31, 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.