Sales: According to the Southeast Alabama Association of Realtors, April residential sales in the Dothan area decreased 21.1% year-over-year from 171 to 135 closed transactions. Following seasonal trends, sales decreased 25.4% from April. Sales are down 13.3% 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: May listings (343) decreased 0.6% from April and increased 56.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.5 months, up from 1.9 in April and from 1.3 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The Dothan area median sales price in May was $210,000, a decrease of 4.5% from one year ago and an increase of 9.3% from April. 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 May averaged 91 days on the market (DOM), 18 days slower than May 2022.
Forecast: May sales (135) were 24 units, or 15.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (159). ACRE forecasted a total of 504 residential sales in the Dothan area year-to-date, while there were 535 actual sales through May, a difference of 6.3%.
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.
