Southeast Alabama home inventory increased from June
Topics: Residential Real Estate
Markets: Dothan
Sales: According to the Southeast Alabama Association of Realtors, July residential sales in the Dothan area decreased 10.78% year-over-year (Y/Y) from 204 to 182 closed transactions. Going with seasonal trends, sales decreased 21.21% from June. Sales are now up 11.19% 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: July listings (275) increased 18.03% from June and declined 42.95% from one year ago. Months of supply (inventory to sales ratio) also decreased from 2.4 to 1.5, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The Dothan area median sales price in July was $181,700. This is an increase of 4.46% from one year ago and an increase of 0.94% from June. 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 July averaged 86 days on the market (DOM), 38 days faster than July 2020.
Forecast: July sales were 2 units, or 0.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 184 sales for the month, while actual sales were 182 units. ACRE forecast a total of 1178 residential sales year-to-date, while there were 1192 actual sales through July, a difference of 1.23%.
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.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 - 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.