January home sales in Southeast Alabama up 7% from one year ago

Sales: According to the Southeast Alabama Association of Realtors, January residential sales in the Dothan area increased 6.7% year-over-year (Y/Y) from 105 to 112 closed transactions, marking 5 consecutive months of Y/Y gains. Following seasonal trends, sales decreased 29.1% from December. 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 January declined 51.5% year-over-year from 688 to 334 listings. Months of supply declined from 6.6 to 3.0, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The Dothan area median sales price in January was $171,000 an increase of 17.5% from one year ago and a decrease of 1.7% from December. 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 January averaged 113 days on the market (DOM), 36 days faster than January 2020.

Forecast: January sales were 29 units, or 20.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 141 sales for the month, while actual sales were 112 units.

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 January 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.

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