According to the Southeast Alabama Association of Realtors, August residential sales in the Dothan area increased 7.9% year-over-year from 152 to 164 closed transactions. Following seasonal trends, sales decreased 3.5% from July. Sales are up 6.7% 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: August listings (615) increased 4.6% from July and increased 56.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 3.5 in July and up from 2.6 months in August 2023. The equilibrium points where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The Dothan area median sales price in August was $239,700, an increase of 2.6% from one year ago and a decrease of 3.1% from July. 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 August averaged 92 days on the market (DOM), 17 days slower than August 2023.
Forecast: August sales (170) was 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 August, 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.
