Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.
Sales: According to the Dothan Multiple Listing Service Inc., Dothan-area residential sales totaled 131 units during April, an increase in sales growth of 12 percent from the same period last year. Another resource to review is the Annual Report.
For all of Dothan’s area real estate data, click here.
Forecast: Closed transactions in April were 39 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through April projected 343 closed transactions, while the actual sales were 412 units, a favorable difference of 20 percent.
Supply: The Dothan-area housing inventory in April was 1,086 units, a decrease of 13.7 percent from April 2015. April inventory dipped 3.6 percent from the prior month. This direction contrasts with historical data indicating that April inventory on average (2011- 2015) increases from March by 1.2 percent. There were 8.3 months of housing supply in April (approximately 6 months represents a balanced market during April ) vs. 10.8 months of supply during the same period last year, representing a favorable 22.8 percent decline.
Demand: Residential sales increased 27.2 percent from the prior month. Historical data (2011-2015) indicate April sales typically increase 2.7 percent from March.
Pricing: The Dothan-area median sales price in April was $145,500, a 12.4 percent increase from last March and a 3.9 percent increase from the prior month. This direction is consistent with historical data, which indicate an increase of 3.8 percent in pricing is typically recorded from March to April. It should be noted that differing sample sizes (number of residential sales of comparative months) can contribute to statistical volatility including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood.
“We can partially attribute the sizable gain in April in home selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.” For the full report, click here.
The Dothan Residential Monthly Report was developed in conjunction with the Dothan Association of Realtors to better serve West Alabama consumers.