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 128 units during May, a decrease in sales of 15 percent from the same month in 2016, when sales totaled 151. Another resource to review is the Annual Report.

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

Forecast: Closed transactions in May were 9 units or 7 percent higher than the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s 2017 sales forecast through May projected 492 closed transactions, while the actual sales were 545 units, a favorable difference of 11 percent.

Supply: The Dothan-area housing inventory in May was 1,103 units, a decrease of 3 percent from May 2016. May inventory was 2 percent above April. Historical data indicate that May inventory on average (2012-16) decreases from April by 0.9 percent. There were 8.6 months of housing supply during May (approximately 6 months represents a balanced market during May) vs. 8.3 months of supply during the same period the previous year, a 4 percent increase.

Demand: Residential sales increased 25 percent from April. Historical data (2012-2016) indicate May sales typically increase 13.9 percent from April.

Pricing: The Dothan-area median sales price during May was $140,500, a 10 percent increase from May 2016 and a 0.2 percent increase from the prior month. This direction is consistent with historical data, which indicate an increase of 5.7 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: “Once again, our full-year growth forecast remains intact as the economy grinds along, with the prospect of material policy changes appearing to be delayed,” said Fannie Mae Chief Economist Doug Duncan. “We expect consumer spending to resume its role as the biggest driver of growth in the second quarter amid improvements in the labor market. Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates. However, the tight supply of homes for sale continues to act as both a boon to home prices and an impediment to affordability.”

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