According to the Southeast Alabama Association of Realtors, May residential sales in the Dothan area increased 6.6% year-over-year from 181 to 193 closed transactions. Sales increased 8.4% from April. Sales are down 2.2% 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: May listings (658) increased 7.5% from April and 36.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, remaining unchanged from April and up from 2.7 months in May 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 May was $230,600, an increase of 4.8% from one year ago and a decrease of 8.1% from April. 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 May averaged 92 days on the market (DOM), 3 days slower than May 2024.
Forecast: May sales (193) were 36 units, or 22.6% above the Alabama Center for Real Estate’s (ACRE) monthly forecast (157). ACRE forecasted a total of 726 home sales year-to-date, while there were 745 actual sales through May, a difference of 2.7%.
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.
