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 95 units during October, a decrease in sales of 5 percent from the same period last year. Year-to-date home sales through October are up 7.5 percent over last year. Another resource to review is the Annual Report.

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

Home sales in Dothan through October are up 7.5 percent over the same period in 2015.

Forecast: Closed transactions in October were four units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through October projected 971 closed transactions, while the actual sales were 1,131 units, a favorable difference of 16 percent.

Supply: The Dothan-area housing inventory in October was 1,115 units, a decrease of 5.6 percent from October 2015. October inventory increased 0.3 percent from September. This direction contrasts with historical data indicating that October inventory on average (2011- 2015) decreases from September by 4 percent. There were 11.7 months of housing supply during October (approximately 6 months represents a balanced market during October) vs. 11.8 months of supply during the same period last year, representing a favorable 0.6 percent decrease.

Demand: Residential sales decreased 14.4 percent from September. Historical data (2011-2015) indicate October sales typically increase 9.5 percent from September.

Pricing: The Dothan-area median sales price during October was $146,000, a 2.3 percent increase from last October and a 14.5 percent increase from the prior month. This direction is consistent with historical data, which indicate an increase of 9.6 percent in pricing is typically recorded from September to October. 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: “Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate,” said Doug Duncan of Fannie Mae. “Furthermore, consumers’ perception of their income over the past year deteriorated sharply in October to the worst showing since early 2013, weighing on the index. However, this component of the HPSI (home purchase sentiment index) is volatile from month to month, and the firming trend in wage gains from the October jobs report, if sustained, may foreshadow an improving view in the near future.”

Click here to generate more graphs from Dothan’s October 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.