ALABAMA REAL ESTATE JOURNAL

Southeast Alabama home sales rise 14% in November

Sales: According to the Southeast Alabama Association of Realtors, November residential sales in the Dothan area increased 13.7% year-over-year from 124 to 141 closed transactions. Sales decreased 21.2% from October, and 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 November declined 33% year-over-year from 397 to 266 listings. Months of supply increased from 1.7 to 1.9, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The Dothan area median sales price in November was $195,000 an increase of 17.56% from one year ago and an increase of 2.63% 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 78 days on the market (DOM), 31 days faster than November 2020. 

Forecast: November sales (41) were 14 units, or 9.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (155). ACRE forecast a total of 1,847 residential sales in the Dothan area year-to-date, while there were 1,872 actual sales through November, a difference of 1.3%

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 November 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results.

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