According to the Southeast Alabama Association of Realtors, May residential sales in the Dothan area increased 23.1% year-over-year from 147 to 181 closed transactions. Contrary to seasonal trends, sales increased 7.1% from April. Sales are up 11.7% 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 (482) increased 11.3% from April and increased 47.4 % from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.6 in April and up from 2.2 months in May 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 May was $220,000, a decrease of 2.2% from one year ago and a decrease of 8.3% 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 89 days on the market (DOM), 2 days faster than May 2023.
Forecast: May sales (181) were 3 units, or 1.5% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (178). ACRE forecasted a total of 797 home sales year-to-date, while there were 762 actual sales through May, a difference of 4.4%.
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.
