According to the Southeast Alabama Association of Realtors, April residential sales in the Dothan area increased 25.2% year-over-year from 135 to 169 closed transactions. Contrary to seasonal trends, sales increased 8.3% from March. Sales are up 8.6% 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: April listings (433) decreased 4.0% from March and increased 26.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, down from 2.9 in March and up from 2.5 months in April 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 April was $240,000, an increase of 14.3% from one year ago and an increase of 3.2% from March. 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 April averaged 95 days on the market (DOM), 4 days slower than April 2023.
Forecast: April sales (169) were 5 units, or 2.9% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (181). ACRE forecasted a total of 618 home sales year-to-date, while there were 581 actual sales through April, a difference of 6.0%.
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.
