June home sales in Southeast Alabama increase from one year ago

Sales: According to the Southeast Alabama Association of Realtors, June residential sales in the Dothan area increased 18.2% year-over-year from 154 to 182 closed transactions. Following seasonal trends, sales increased 22.2% from May. Sales are up 3.3% 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 June declined 42.3% year-over-year from 873 to 504 listings. Months of supply declined from 5.7 to 2.8, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Dothan area median sales price in June was $170,870, a decrease of 1.9% from one year ago and an increase of 6.8% from May. 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 June averaged 106 days on the market (DOM), 23 days faster than June 2019.

Forecast: June sales were 34 units, or 23%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 148 sales for the month, while actual sales were 182 units. ACRE forecast a total of 757 residential sales in the Dothan area year-to-date, while there were 868 actual sales through June, a difference of 14.7%

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 June 1 – 30, 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.