Southeast Alabama home sales down, inventory up in November

Sales: According to the Southeast Alabama Association of Realtors, November residential sales in the Dothan area decreased 11.4% year-over-year from 141 to 125 closed transactions. Sales decreased 6.7% from October. Sales are down 7.8% 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: November listings (413) increased 4.8% from October and 55.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.9 in October and from 1.9 months in November 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 November was $218,000, an increase of 11.8% from one year ago and an increase of 14.8% from October. 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 November averaged 85 days on the market (DOM), 7 days slower than November 2021. 

Forecast: November sales (125) were 11 units, or 7.8% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (163). ACRE forecast a total of 1,827 residential sales in the Dothan area year-to-date, while there were 1,726 actual sales through November, a difference of 5.5%.

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.

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