According to the Southeast Alabama Association of Realtors, July residential sales in the Dothan area increased 15.6% year-over-year from 147 to 170 closed transactions. Following seasonal trends, sales increased 7.6% from June. Sales are up 6.5% 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: July listings (588) increased 14.0% from June and increased 57.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 3.3 in June and up from 2.5 months in July 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 July was $232,450, an increase of 2.0% from one year ago and a decrease of 5.3% from June. 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 July averaged 91 days on the market (DOM), 17 days slower than July 2023.
Forecast: July sales (170) were 4 units, or 2.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (174). ACRE forecasted a total of 1,168 home sales year-to-date, while there were 1,090 actual sales through July, a difference of 6.7%.
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.
