Southeast Alabama home sales increase 3% in May

Sales: According to the Southeast Alabama Association of Realtors, May residential sales in the Dothan area increased 2.8% year-over-year from 181 to 186 closed transactions. Following seasonal trends, sales increased 8.8% from April and are now up 3.1% 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: May listings (250) increased 14.2% from April and 15.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.3 months, unchanged from April and up from 1.2 months in May 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-6 months of supply.

Pricing: The Dothan area median sales price in May was $227,000, the highest on record and an increase of 25.5% from one year ago and an increase of 3.2% from April. 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 May averaged 73 days on the market (DOM), 33 days faster than May 2021. 

Forecast: May sales (186) were 9 units, or 5.4% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (177). ACRE forecast a total of 804 residential sales in the Dothan area year-to-date, while there were 803 actual sales through May, a difference of 0.2%.

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.