Sales: According to the Southeast Alabama Association of Realtors, February residential sales in the Dothan area decreased 20.3% year-over-year from 153 to 122 closed transactions. Following seasonal trends, sales increased 25.8% from January. Sales are down 19.5% 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: February listings (333) decreased 0.6% from January and increased 54.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 3.5 in January and from 1.4 months in February 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 February was $234,500, an increase of 17.3% from one year ago and an increase of 17.3% from January. 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 February averaged 101 days on the market (DOM), 20 days slower than February 2022.
Forecast: February sales (122) were 33 units, or 37.1% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (89). ACRE forecast a total of 173 residential sales in the Dothan area year-to-date, while there were 219 actual sales through February, a difference of 26.6%.
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.
