Southeast Alabama home sales down slightly in March

Sales: According to the Southeast Alabama Association of Realtors, March residential sales in the Dothan area decreased 0.6% year-over-year (Y/Y) from 174 to 173 closed transactions, ending 6 consecutive months of Y/Y gains. Following seasonal trends, sales increased 31.1% from February. Sales are now up 9.7% 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 March declined 57.5% year-over-year from 657 to 279 listings. Months of supply declined from 3.8 to 1.6, 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 March was $177,000 an increase of 16.1% from one year ago and an increase of 3.2% from February. 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 March averaged 94 days on the market (DOM), 22 days faster than March 2020.

Forecast: March sales were 2 units, or 1.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 171 sales for the month, while actual sales were 173 units. ACRE forecast a total of 449 residential sales year-to-date, while there were 417 actual sales through March, a difference of 7.1%.

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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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