According to the Southeast Alabama Association of Realtors, February residential sales in the Dothan area increased 13.9% year-over-year from 122 to 139 closed transactions. Contrary to seasonal trends, sales increased 18.8 from January. Sales are up 16.9% 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 (443) decreased 1.1% from January and increased 33.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.2 months, down from 3.8 in January and up from 2.7 months in February 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The Dothan area median sales price in February was $219,900, a decrease of 6.2% from one year ago and an increase of 25.3% 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 125 days on the market (DOM), 24 days slower than February 2023.
Forecast: February sales (117) was 1 unit, or 1.1% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (122). ACRE forecasted a total of 263 home sales year-to-date, while there were 256 actual sales through February, a difference of 2.7%.
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.
