Sales: According to the Dothan Multiple Listing Service Inc., Dothan-area residential sales totaled 137 units during July, an increase in sales of 24.5 percent from the same month in 2016, when sales totaled 110. Another resource to review is the Annual Report.
For all of Dothan’s area real estate data, click here.
Forecast: Closed transactions in July were 20 units or 17 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through July projected 729 closed transactions, while the actual sales were 799 units, a favorable difference of 9.6 percent.
Supply: The Dothan-area housing inventory in July was 1,104 units, a decrease of 7.5 percent from July 2016. July inventory was 1.2 percent below June. Historical data indicate that July inventory on average (2012-16) increases from June by 0.7 percent. There were 8.1 months of housing supply during July (approximately 6 months represents a balanced market during July) vs. 10.8 months of supply during the same period the previous year, a 25.7 percent decrease.
Demand: Residential sales increased 17.1 percent from June. Historical data (2012-2016) indicate July sales typically decrease 1.4 percent from June.
Pricing: The Dothan-area median sales price during July was $149,900, a 1.8 percent increase from July 2016 and an 11 percent increase from the prior month. Historical data indicate a decrease of 8 percent in pricing is typically recorded from June to July. 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: “We are keeping our full-year economic growth outlook at 2 percent as risks to our forecast are roughly balanced,” said Fannie Mae Chief Economist Doug Duncan. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast. A build-up in inventory also should be positive for growth this quarter and nonresidential investment in structures will likely continue to improve as oil prices stabilize.”
Click here to generate more graphs from Dothan’s July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply.