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 102 units during April, a decrease in sales of 22 percent from the same month in 2016, when sales totaled 131. 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 right on target with the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through April projected 373 closed transactions, while the actual sales were 417 units, a favorable difference of 12 percent.

Supply: The Dothan-area housing inventory in April was 1,077 units, a decrease of 0.8 percent from April 2016. April inventory was 3 percent above March. Historical data indicate that April inventory on average (2012-16) increases from March by 5.6 percent. There were 10.6 months of housing supply during April (approximately 6 months represents a balanced market during April) vs. 8.3 months of supply during the same period the previous year, a 27 percent increase.

Demand: Residential sales decreased 23 percent from March. Historical data (2012-2016) indicate April sales typically increase 1.5 percent from March.

Pricing: The Dothan-area median sales price during April was $140,250, a 4 percent decrease from April 2016 and a 2 percent increase from the prior month. This direction is consistent with historical data, which indicate an increase of 2 percent in pricing is typically recorded from March to April. 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.

Industry perspective: “The Home Purchase Sentiment Index returned to its longer-term trend line after reclaiming ground lost last month. This is aligned with our market forecast of about 3 percent sales growth in 2017,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track.”

Click here to generate more graphs from Dothan’s April Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

The Dothan Residential Monthly Report was developed in conjunction with the Dothan Association of Realtors to better serve area consumers.