Southeast Alabama home sales increase 3% in December

Sales: According to the Southeast Alabama Association of Realtors, December residential sales in the Dothan area increased 2.5% year-over-year from 158 to 162 closed transactions, marking three consecutive months of Y/Y gains. Sales increased 14.9% from November, and are now up 9.1% 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: December listings (238) decreased 10.5% from November and 26.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.5 months, down from 1.9 months in November and from 2.0 months in December 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 December was $190,000 an increase of 9.3% from one year ago and a decrease of 2.6% from November. 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 December averaged 96 days on the market (DOM), 2 days slower than December 2020. 

Forecast: December sales (162) were 12 units, or 5.4% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (154). ACRE forecast a total of 2,001 residential sales in the Dothan area year-to-date, while there were 2,034 actual sales through December, a difference of 1.7%.

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 December 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results.