Sales: According to the Southeast Alabama Association of Realtors, June residential sales in the Dothan area decreased 22.1% year-over-year from 231 to 180 closed transactions. Going against seasonal trends, sales decreased 3.2% from May. Sales are down 2.7% 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: June listings (307) increased 22.8% from May and 31.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.7 months, up from 1.3 in May and up from 1.0 months in June 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.
Pricing: The Dothan area median sales price in June was $220,500, an increase of 22.5% from one year ago and a decrease of 2.9% from May. 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 June averaged 69 days on the market (DOM), a record low and 17 days faster than June 2021.
Forecast: June sales (180) were 18 units, or 9.1% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (198). ACRE forecast a total of 1,002 residential sales in the Dothan area year-to-date, while there were 983 actual sales through June, a difference of 1.9%.
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.