According to the Southeast Alabama Association of Realtors, October residential sales in the Dothan area increased 0.7% year-over-year from 143 to 144 closed transactions. Contrary to seasonal trends, sales increased 5.9% from September. Sales are up 4.3% 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: October listings (624) increased 3.3% from September and increased 37.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.3 months, down from 4.4 in September and up from 3.2 months in October 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 October was $242,000, an increase of 10.0% from one year ago and a decrease of 2.0% from September. 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 October averaged 91 days on the market (DOM), 12 days slower than October 2023.
Forecast: October sales (144) were 8 units, or 5.3% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (152). ACRE forecasted a total of 1,653 home sales year-to-date, while there were 1,534 actual sales through October, a difference of 7.2%.
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.
