Sales: According to the Southeast Alabama Multiple Listing Service Inc., Dothan-area residential sales totaled 141 units during March, up 10.2 percent from 128 sales in the same month a year earlier. March sales were up 13.7 percent compared to 124 sales in February. Results were 25 percent above the five-year March average of 113 sales. Another resource to review is the Annual Report.
For all of Dothan’s area real estate data, click here.
Inventory: Homes listed for sale in the Dothan area during March totaled 794 units, a decrease of 26.8 percent from March 2018’s 1,085 units, and a decrease of 2.1 percent from February 2019’s 811 units. March months of supply totaled 5.6 months, a decrease of 33.6 percent from March 2018’s 8.5 months of supply. March’s months of supply decreased 13.9 percent from February’s 6.5 months of supply.
Pricing: The Dothan median sales price in March was $153,000, an increase of 1.7 percent from one year ago and an increase of 2 percent from the prior month. This direction is consistent with historical data (2014-18) indicating that the March median sales price on average increases from February by 2.2 percent. The differing sample size (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 homes selling in March spent an average of 149 days on the market (DOM), an increase of 12 percent from 133 days in March 2018, while decreasing 3.2 percent from 154 days in February.
Forecast: March sales were nine units, or 6.8 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 132 sales for the month, while actual sales were 141 units. ACRE forecast a total of 337 total transactions in Dothan year-to-date, while there are 367 actual sales through March.
ACRE’s statewide perspective: Statewide residential sales in February increased 10.9 percent year-over-year from 3,807 to 4,222 closed transactions. Year-to-date sales increased 6.4 percent from 2018. Home price appreciation in the state continued to climb, but at a slower pace, as the median sales price in February increased 3 percent year-over-year from $152,771 to $157,319. The statewide median sales price is also up 4.2 percent year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 8.9 percent from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the early months of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during February spent an average of 99 days on the market, an improvement of 27 days from February 2018.
NAR’s national perspective: During February, total existing-home sales nationwide declined 2.2 percent from approximately 319,000 closed transactions one year ago to 312,000 currently. The nationwide median existing-home price increased 3.6 percent in February, marking 84 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “It is very welcoming to see more inventory showing up in the market. For sustained growth, significant construction of moderately priced homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
Click here to view the entire monthly report.
The Southeast Alabama Residential Monthly Report was developed in conjunction with the Southeast Alabama Association of Realtors to better serve area consumers.