Southeast Alabama real estate market continues growth in November

Sales: According to the Southeast Alabama Association of Realtors, November residential sales in the Dothan area increased 14.8% year-over-year from 108 to 124 closed transactions. Sales decreased 23% from October, and are now up 11.4% 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 November declined 45.5% year-over-year from 728 to 397 listings. Months of supply declined from 6.7 to 3.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Dothan area median sales price in November was $165,875 an increase of 12.2% from one year ago and a decrease of 6.8% from October. 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 November averaged 109 days on the market (DOM), 19 days faster than November 2019.

Forecast: November sales (124) were 18 units, or 17% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (106). ACRE forecast a total of 1,408 residential sales in the Dothan area year-to-date, while there were 1,706 actual sales through November, a difference of 21.2%

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 November 1 – 30, 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.

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