According to the Southeast Alabama Association of Realtors, September residential sales in the Dothan area decreased 11.1% year-over-year from 153 to 136 closed transactions. Following seasonal trends, sales decreased 17.1% from August. Sales are down 4.7% 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: September listings (604) decreased 1.8% from August and increased 43.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.8 in August and up from 2.8 months in September 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 September was $246,950, an increase of 6.9% from one year ago and an increase of 3.0% from August. 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 September averaged 91 days on the market (DOM), 15 days slower than September 2023.
Forecast: September sales (136) was 32 units, or 19.1% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (168). ACRE forecasted a total of 1,501 home sales year-to-date, while there were 1,390 actual sales through September, a difference of 7.4%.
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.
