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 77 units in November, an increase in sales growth of 18.5 percent from the same period last year. Year-to-date sales through November were up 18.6 percent from 2014. Two more resources to review: Quarterly Report and Annual Report

Forecast: Closed transactions in November were two units or 2.6 percent above our monthly forecast. ACRE’s year-to-date sales forecast through November projected 1,002 closed transactions while the actual sales were 1,129 units, a favorable difference of 12.6 percent.

Sales in Dothan reached 77 units during the month of November.

Supply: The Dothan area housing inventory in November was 1,163 units, a decrease of 5 percent from November 2014. November inventory slipped 1.5 percent from the prior month. This direction is consistent with historical data indicating that November inventory on average (2010-14) decreases from October by 1.7 percent. There were 15.1 months of housing supply in November (6.0+/- months represents balanced market during November NSA) versus 18.8 months of supply during the same period last year, representing a favorable 19.7 percent decline.

Demand: Residential sales decreased 23 percent from the prior month. This is almost squarely in line with historical data (2010-’14) which indicates November sales typically dip 23.5 percent from the month of October.

Pricing: The Dothan area median sales price in November was $125,000, a 21.4 percent increase from last November but an 12.4 percent decrease from the prior month. This direction contrasts with historical data and higher than the 7 percent decrease typically recorded between 2010-14. It should also be noted that differing sample size (number of residential sales of comparative months) can contribute to statistical volatility including pricing. The center highly recommends consulting with a local real estate professional to discuss pricing trends as it can and will vary from neighborhood to neighborhood.

Industry Perspective: “Despite mixed housing and mortgage market data, our forecast for housing activity is little changed over the past several months,” said Fannie Mae Chief Economist  Dave Duncan. “The supply of existing homes remains lean amid slowing new single-family construction, putting significant upward pressure on home prices. While this helps boost home equity, it hurts affordability, especially for potential first-time homebuyers. Meanwhile, we expect mortgage rates to rise only gradually through next year, and an improving income trend should help support affordability. We foresee total home sales improving further in 2016, albeit at less than half of the 8.0 percent increase expected this year.” For full report click here.

The average sales price in Dothan during November dipped slightly by 1.2 percent compared to last year.

On average, Dothan homes spent 203 days on the market, an increase from 129 during November 2014.

Inventory remained steady at 1,163 for November 2015.

The median sales price was $103,000 last November but rose to $125,000 in 2015.

The months of supply is not ideal for November in Dothan but is better than last year’s 18.8 months of supply during November.

Sales were 18.5 percent better during November compared to last year.

Year-to-date sales are up 18.6 percent compared to last year.

The Dothan Residential Monthly Report work product developed in conjunction with the Dothan Association of Realtors to better serve West Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within a city including subdivisions, and ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market. The Alabama Center for Real Estate‘s core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach. Join the Center mailing list here.