Sales: According to the Southeast Alabama Association of Realtors, December residential sales in the Dothan area decreased 38.9% year-over-year from 162 to 99 closed transactions. Following seasonal trends, sales decreased 20.1% from November. Sales are down 10.3% 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: December listings (373) decreased 9.7% from November and increased 56.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 3.3 in November and from 1.5 months in December 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 December was $240,000, an increase of 26.3% from one year ago and an increase of 10.1% from November. 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 December averaged 93 days on the market (DOM), 3 days faster than December 2021.
Forecast: December sales (99) were 52 units, or 34.5% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (151). ACRE forecast a total of 1,978 residential sales in the Dothan area year-to-date, while there were 1,825 actual sales through December, a difference of 7.7%.
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.