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 103 units during March, a decrease in sales growth of 5.5 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 March were two units above ACRE’s monthly forecast. ACRE’s year-to-date sales forecast through March projected 251 closed transactions, while the actual sales were 281 units, a favorable difference of 12 percent.

There were 103 housing units sold in Dothan during March.

Supply: The Dothan-area housing inventory in March was 1,127 units, a decrease of 8 percent from March 2015. March inventory rose 1.4 percent from the prior month. This direction is consistent with historical data indicating that March inventory on average (2011- 2015) increases from February by 1 percent. There were 10.9 months of housing supply in March (approximately 6 months represents balanced market during March) vs. 11.2 months of supply during the same period last year, representing a favorable 3 percent decline.

Demand: Residential sales increased 12 percent from the prior month. Historical data (2011-2015) indicate March sales typically increase 26 percent from February.

Pricing: The Dothan-area median sales price in March was $140,000, a 2.3 percent increase from last March and a 6.7 percent increase from the prior month. This direction is consistent with historical data, which indicate an increase of 2.6 percent in pricing is typically recorded from February to March. It should be noted that differing sample sizes (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: “Growing pessimism over the last three months about the direction of the economy seems to be spilling over into home purchase sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The gap between the share of consumers who think the economy is on the wrong track and the share who think it is on the right track has widened, nearly matching its reading last August, when concerns regarding China and oil prices led to the biggest stock market plunge in years. In turn, we saw dips this month in income growth perceptions, attitudes about the home-selling climate, and job confidence, all of which contributed to the lowest Home Purchase Sentiment Index reading in the last year and a half. These declines seem to be at odds with recent news of solid overall job creation, but may reflect weakening economic performance in certain industries.” For the full report, click here. 

On average, homes sold in Dothan during March spent 174 days on the market.

On average, homes sold in Dothan during March sold for $150,025.

The median sales price for homes sold in Dothan during March was $140,000.

There were 10.9 months of supply on the market during March in Dothan.

Home sales were up 12 percent over the previous month during March in Dothan.

There were 1,127 units on the market during March in Dothan.

Year-to-date home sales are up 5 percent in Dothan as of March.

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