Southeast Alabama home sales increase 6% in January

Sales: According to the Southeast Alabama Association of Realtors, January residential sales in the Dothan area increased 6.3% year-over-year from 112 to 119 closed transactions, marking four consecutive months of Y/Y gains. Sales decreased 26.5% from December, and are now up 6.3% 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: January listings (246) increased 3.4% from December and 26.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 1.5 months in December and down from 3.0 months in January 2021. 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 January was $190,000 an increase of 11.1% from one year ago and a decrease of 0.0% from December. 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 January averaged 89 days on the market (DOM), 24 days faster than January 2021. 

Forecast: January sales (119) were 11 units, or 8.5% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (130). ACRE forecast a total of 130 residential sales in the Dothan area year-to-date, while there were 119 actual sales through January, a difference of 8.5%.

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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.

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