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 110 units during July, a decrease in sales of 12.7 percent from the same period last year. Year-to-date home sales through July are up 12.3 percent over last year. Another resource to review is the Annual Report.

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

There were 110 Dothan-area homes sold during July, compared with 126 during July 2015.

Forecast: Closed transactions in July were one unit above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through July projected 669 closed transactions, while the actual sales were 808 units, a favorable difference of 21 percent.

Supply: The Dothan-area housing inventory in July was 1,193 units, a decrease of 5.5 percent from July 2015. June inventory increased 2.1 percent from June. This direction contrasts with historical data indicating that July inventory on average (2011- 2015) decreases from June by 0.3 percent. There were 10.8 months of housing supply during July (approximately 6 months represents a balanced market during July) vs. 10 months of supply during the same period last year, representing an unfavorable 8 percent increase.

Demand: Residential sales decreased 18.5 percent from June. Historical data (2011-2015) indicate July sales typically increase 2.5 percent from June.

Pricing: The Dothan-area median sales price during July was $147,250, a 9.7 percent increase from last July and a 13.4 percent decrease from the prior month. This direction is consistent with historical data, which indicate a decrease of 13.6 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.

The median sales price for homes sold in Dothan during July was $147,250, 9.7 percent higher than a year ago.

Industry perspective: “Financial volatility resulting from Brexit has created some uncertainty among investors as yields on government bonds have dropped sharply, Treasury yield curves have flattened over the past month, and the Chinese Yuan has depreciated to a six-year low against the dollar,” said Fannie Mae Chief Economist Doug Duncan. “In addition, our view on interest rates continues to be ‘low for long’ as we believe a Fed decision to raise interest rates will likely be on hold until June of 2017. Brexit’s economic impact on the U.S. will likely be limited, especially from a trade perspective, and should be a near-term positive for the housing and mortgage market as falling mortgage rates have prompted new refinance demand.” For the full report, click here.

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. 

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