Southeast Alabama's Median Sales Price Increases 6.7% in February 2020
Sales: According to the Southeast Alabama Association of Realtors, February residential sales in the Dothan area decreased 18.5% year-over-year from 124 to 101 closed transactions. Going against seasonal trends, sales decreased 3.8% from January. Results were 8.1% above the 5-year February average of 93 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 February declined 14.8% year-over-year from 811 to 691 listings. The market currently has 6.8 months of supply, up 4.6% from 6.5 months of supply in February 2019.
Pricing: The Dothan area median sales price in February was $160,000, an increase of 6.7% from one year ago and an increase of 10% from the prior month. This direction is consistent with historical data (2015-2019) indicating that the February median sales price on average increases from January by 2.4%. 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 February was 123 days, down 20.1% from 154 days one year ago and down 17.4% from 149 days in January 2020.
Forecast: February sales were three units, or 2.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 104 sales for the month, while actual sales were 101 units. ACRE forecast a total of 200 residential sales in the Dothan area year-to-date, while there were 206 actual sales through February.
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.