Southeast Alabama home sales increase in July 2020

Sales: According to the Southeast Alabama Association of Realtors, July residential sales in the Dothan area increased 31.6% year-over-year from 155 to 204 closed transactions. Sales increased 12% from June, and are now up 7.7% year-to-date. 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 July declined 41.5% year-over-year from 824 to 482 listings. Months of supply declined from 5.3 to 2.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Dothan area median sales price in July was $173,950, an increase of 6.1% from one year ago and an increase of 1.8% from June. 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 July averaged 124 days on the market (DOM), 12 days faster than July 2019.

Forecast: July sales were 59 units, or 40.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 145 sales for the month, while actual sales were 204 units. ACRE forecast a total of 902 residential sales in the Dothan area year-to-date, while there were 1,072 actual sales through July, a difference of 18.8%

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 July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.