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 151 units during May, an increase in sales of 57 percent from the same period last year. Year-to-date home sales through May are up 8.4 percent over last year. Another resource to review is the Annual Report.

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

Year-to-date residential sales were up 8.4 percent over the same period of 2015 during May in Dothan.

Forecast: Closed transactions in May were 44 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through May projected 450 closed transactions, while the actual sales were 563 units, a favorable difference of 25 percent.

Supply: The Dothan-area housing inventory in May was 1,137 units, a decrease of 11 percent from May 2015. May inventory increased 4.7 percent from April. This direction contrasts with historical data indicating that May inventory on average (2011- 2015) decreases from April by 2.6 percent. There were 8.3 months of housing supply in May (approximately 6 months represents a balanced market during May) vs. 13.3 months of supply during the same period last year, representing a favorable 37.7 percent decline.

Demand: Residential sales increased 15.3 percent from April. Historical data (2011-2015) indicate May sales typically increase 9.9 percent from April.

Pricing: The Dothan-area median sales price in May was $128,000, a 15.7 percent decrease from last May and a 12 percent decrease from the prior month. This direction contrasts with historical data, which indicate an increase of 3.3 percent in pricing is typically recorded from April to May. 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: “Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low-mortgage-rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer home buying season gains momentum, the effect may be muted by May’s discouraging jobs report.” For the full report, click here.

The average sales price for homes sold in Dothan during May was $141,021.

On average, homes sold in Dothan during May spent 150 days on the market.

Home sales in Dothan increased 57 percent over last May.

The median sales price for homes sold during May in Dothan was $128,000.

There were 8.3 months of supply on the market in Dothan during May.

There were 1,137 homes listed for sale in Dothan during May.

Home sales increased to 151 units during May in Dothan, a 15 percent increase over April.

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