Sales: According to the Southeast Alabama Association of Realtors, July residential sales in the Dothan area decreased 12.6% year-over-year from 182 to 159 closed transactions. Going against seasonal trends, sales decreased 11.7% from June. Sales are down 4.2% 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: July listings (334) increased 8.8% from June and 21.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.1 months, up from 1.7 in June and up from 1.5 months in July 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 July was $215,000, an increase of 18.3% from one year ago and a decrease of 2.5% from June. 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 July averaged 73 days on the market (DOM), 13 days faster than July 2021.
Forecast: July sales (159) were 24 units, or 13.0% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (183). ACRE forecast a total of 1,185 residential sales in the Dothan area year-to-date, while there were 1,142 actual sales through July, a difference of 3.6%.
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.