Southeast Alabama home sales up significantly in February

Sales: According to the Southeast Alabama Association of Realtors, February residential sales in the Dothan area increased 30.7% year-over-year (Y/Y) from 101 to 132 closed transactions, marking 6 consecutive months of Y/Y gains. Following seasonal trends, sales increased 17.9% from January. Sales are now up 18.5% 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 February declined 55% year-over-year from 691 to 311 listings. Months of supply declined from 6.8 to 2.4, reflecting a market where sellers generally have elevated bargaining power. The equilibrium point is 6.0 months of supply (buyers and sellers have relatively equal bargaining power.)

Pricing: The Dothan area median sales price in February was $171,500 an increase of 7.2% from one year ago and an increase of 0.3% from January. 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 February averaged 110 days on the market (DOM), 13 days faster than February 2020.

Forecast: February sales were 4 units, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 136 sales for the month, while actual sales were 132 units. ACRE forecast a total of 278 residential sales year-to-date, while there were 244 actual sales through February, a difference of 12.1%.

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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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