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Sales: According to the Dothan Multiple Listing Service Inc., Dothan area residential sales totaled 92 units during February, an increase in sales growth of 11 percent from the same period last year. Two more resources to review: Quarterly Report and Annual Report.

For all of Dothan’s area real estate data, click here.

Forecast: Closed transactions in February were 13 units above our monthly forecast. ACRE’s year-to-date sales forecast through February projected 150 closed transactions while the actual sales were 178 units, a favorable difference of 18 percent.

Dothan followed January with a solid month of February in sales with 92 units sold during the month.

Supply: The Dothan area housing inventory in February was 1,111 units, a decrease of 8 percent from February 2015. February inventory rose 0.3 percent from the prior month. This direction is consistent with historical data indicating that February inventory on average (2011- 2015) increases from January by 1.4 percent. There were 12.1 months of housing supply in January (approximately 6 months represents balanced market during February NSA) versus 14.6 months of supply during the same period last year, representing a favorable 17 percent decline.

Demand: Residential sales increased 7 percent from the prior month. Historical data (2011-2015) indicates February sales typically increase 1.3 percent from the month of January.

Pricing: The Dothan area median sales price in February was $131,250, a 3.3 percent increase from last February and an 11 percent increase from the prior month. This direction contrasts with historical data which indicates a decrease of 1.8 percent in pricing is typically recorded from January to February. 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: “Our February results show the most modest consumer home price expectations since late 2012,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “For consumers who think it’s a bad time to buy a home, whose share has trended up from its recent low last November, high home prices have been an increasingly contributing factor. A slower pace of home price appreciation may provide some relief for potential homebuyers, especially first-time buyers who couldn’t reap the benefits of selling a home at high prices to buy another one.”

Dothan’s home sales rose 7 percent in January over February’s numbers.

Months of supply is heading in the right direction for the month of February in Dothan.

The median sales price in Dothan for the month of February rose to $131,250.

Supply in Dothan for the month of February dipped slightly from last year.

On average, homes sold in Dothan during February spent 157 days on the market.

The average home sold in Dothan during February went for $150,542.

Residential sales hit the 90 unit mark for the first time since 2008 during February in Dothan.

The Dothan Residential Monthly Report work product developed in conjunction with the Dothan Association of Realtors to better serve West Alabama consumers.