Sales: According to the Southeast Alabama Association of Realtors, March residential sales in the Dothan area increased 4.0% year-over-year from 174 to 181 closed transactions. Following seasonal trends, sales increased 48.4% from February. 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: March listings (345) increased 3.6% from February and increased 62.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 1.9 months, down from 2.7 in February and from 1.2 months in March 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 March was $225,000, an increase of 9.3% from one year ago and an increase of 9.3% from February. 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 March averaged 98 days on the market (DOM), 25 days slower than March 2022.
Forecast: March sales (181) were 32 units, or 21.7% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (149). ACRE forecast a total of 344 residential sales in the Dothan area year-to-date, while there were 400 actual sales through March, a difference of 16.2%.
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.
