Southeast Alabama home sales decrease slightly in August 2020

Sales: According to the Southeast Alabama Association of Realtors, August residential sales in the Dothan area decreased 0.7% year-over-year from 141 to 140 closed transactions. Sales decreased 31.4% from July, and are now up 6.7% 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 August declined 40.2% year-over-year from 732 to 438 listings. Months of supply declined from 5.2 to 3.1, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Dothan area median sales price in August was $166,250, an increase of 1.4% from one year ago and a decrease of 4.4% from July. 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 August averaged 101 days on the market (DOM), 6 days faster than August 2019.

Forecast: August sales (140) were equal to the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast a total of 1,042 residential sales in the Dothan area year-to-date, while there were 1,212 actual sales through August, a difference of 16.3%

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 August 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.