Sales: According to the Southeast Alabama Association of Realtors, April residential sales in the Dothan area decreased 5.5% year-over-year from 181 to 171 closed transactions, ending six consecutive months of Y/Y gains. Sales decreased 1.7% from March, and are now up 3.2% 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: April listings (219) increased 2.8% from March and decreased 0.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, up from 1.2 months in March and up from 1.3 months in April 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 April was $219,900, a record high and an increase of 10.5% from one year ago and an increase of 6.8% from March. 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 April averaged 73 days on the market (DOM), 27 days faster than April 2021.
Forecast: April sales (171) were 9 units, or 5.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (180). ACRE forecast a total of 628 residential sales in the Dothan area year-to-date, while there were 617 actual sales through April, 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.