According to the Southeast Alabama Association of Realtors, June residential sales in the Dothan area decreased 18.6% year-over-year from 194 to 158 closed transactions. Contrary to seasonal trends, sales decreased 12.7% from May. Sales are up 5.0% 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: June listings (516) increased 7.1% from May and increased 55.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.7 in May and up from 1.7 months in June 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 June was $245,500, an increase of 2.1% from one year ago and an increase of 11.6% from May. 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 June averaged 91 days on the market (DOM), 13 days slower than June 2023.
Forecast: June sales (158) was 40 units, or 20.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (198). ACRE forecasted a total of 995 home sales year-to-date, while there were 920 actual sales through June, a difference of 7.5%.
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.
