Southeast Alabama Residential Sales up 2.9% in January
Sales: According to the Southeast Alabama Association of Realtors, January residential sales in the Dothan area increased 2.9% year-over-year from 102 to 105 closed transactions. Following seasonal trends, sales decreased 7.1% from December. Results were 15.6% above the 5-year January average of 91 sales. Two more resources to review: Quarterly Report and Annual Report.
For all of the Dothan area’s housing data, click here.
Inventory: Total homes listed for sale in January declined 22.2% year-over-year from 884 to 688 listings. The market currently has 6.6 months of supply, down 24.4% from 8.7 months of supply in January 2019.
Pricing: The Dothan area median sales price in January was $145,500, an increase of 12.4% from one year ago and a decrease of 5.3% from the prior month. This direction is consistent with historical data (2015-2019) indicating that the January median sales price on average decreases from December by 1%. 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. The average number of days on the market (DOM) for homes sold during January was 149 days, down 0.7% from 150 days one year ago and up 3.5% from 144 days in December 2019.
Forecast: January sales were nine units, or 9.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 105 units.
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.