Southeast Alabama home sales rise in October

Sales: According to the Southeast Alabama Association of Realtors, October residential sales in the Dothan area increased 11.2% year-over-year (Y/Y) from 161 to 179 closed transactions. Sales increased 1.1% from September. Sales are now up 9.4% 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: October listings (304) increased 2.7% from September and declined 28.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, remaining unchanged from September and down from 2.6 months in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The Dothan area median sales price in October was $192,000. This is an increase of 6.7% from one year ago and a decrease of 1.3% from September. 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 October averaged 80 days on the market (DOM), and 13 days faster than October 2020. 

Forecast: October sales were 15 units, or 9.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 164 sales for the month, while actual sales were 179 units. ACRE forecast a total of 1,692 residential sales year-to-date, while there were 1,731 actual sales through October, a difference of 2.3%.  

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

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