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 133 units during March, an increase in sales of 29 percent from the same month in 2016, when sales totaled 103. Another resource to review is the Annual Report.

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

Home sales in Dothan during March totaled 133 units.

Forecast: Closed transactions in March were 25 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through March projected 271 closed transactions, while the actual sales were 315 units, a favorable difference of 16 percent.

Supply: The Dothan-area housing inventory in March was 1,048 units, a decrease of 7 percent from March 2016. March inventory was 2 percent above February. Historical data indicate that March inventory on average (2012-16) decreases from February by 24 percent. There were 7.9 months of housing supply during March (approximately 6 months represents a balanced market during March) vs. 10.9 months of supply during the same period the previous year, a 28 percent decrease.

Demand: Residential sales increased 62 percent from February. Historical data (2012-2016) indicate March sales typically increase 24 percent from February.

Pricing: The Dothan-area median sales price during March was $137,498, a 2 percent decrease from March 2016 and a 1 percent decrease from the prior month. This direction contrasts with historical data, which indicate an increase of 34 percent in pricing is typically recorded from February to March. 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: “Our economic forecast remains in a conservative holding pattern as we await word on the particulars of the new Administration’s plans for fiscal stimulus,” said Fannie Mae Chief Economist Doug Duncan. “In the meantime, economic sentiment from most industry stakeholders continues to reach new heights: consumers, as demonstrated by our National Housing Survey, are more positive than at any time since the survey’s inception in 2010 about the direction of the economy, while homebuilders’ optimism remains near an 11-year high. Tight inventory remains a boon to home prices and Americans’ net worth, but it also continues to price out many would-be first-time homebuyers. However, our research suggests that aging millennials, now boasting higher real wages, are beginning to narrow the homeownership attainment gap.”

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