Southeast Alabama homes prices down from December at the start of the year

Sales: According to the Southeast Alabama Association of Realtors, January residential sales in the Dothan area decreased 18.5% year-over-year from 119 to 97 closed transactions. Following seasonal trends, sales decreased 2.0% from December. Sales are down 18.5% 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: January listings (335) decreased 10.2% from December and increased 36.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, down from 3.8 in December and from 2.1 months in January 2022. 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 January was $200,000, an increase of 5.3% from one year ago and a decrease of 16.7% from December. 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 January averaged 88 days on the market (DOM), 1 day faster than January 2022. 

Forecast: January sales (97) were 13 units, or 15.2% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (84). ACRE forecast a total of 84 residential sales in the Dothan area year-to-date, while there were 97 actual sales through January, a difference of 15.2%.

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.

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