According to the Southeast Alabama Association of Realtors, February residential sales in the Dothan area decreased 18.0% year-over-year from 139 to 114 closed transactions. Sales increased 4.6% from January. Sales are down 12.9% 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: February listings (581) decreased 2.4% from January and increased 31.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.1 months, down from 5.5 in January and up from 3.2 months in February 2024. 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 February was $245,500, an increase of 11.6% from one year ago and an increase of 14.2% from January. 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 February averaged 99 days on the market (DOM), 26 days faster than February 2024.
Forecast: February sales (114) were 6 units, or 4.7% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (120). ACRE forecasted a total of 235 home sales year-to-date, while there were 223 actual sales through February, a difference of 5.2%
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.
