Southeast Alabama housing inventory hits record low in April
Sales: According to the Southeast Alabama Association of Realtors, April residential sales in the Dothan area increased 15.3% year-over-year (Y/Y) from 157 to 181 closed transactions. Following seasonal trends, sales increased 4.6% from March. Sales are now up 11.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Dothan area’s housing data, click here.
Inventory: Total homes listed for sale in April declined 64.3% year-over-year from 616 to 220 listings, a record low. Months of supply declined from 3.9 to 1.2, reflecting a market where sellers generally have elevated bargaining power. The equilibrium point is 6.0 months of supply (buyers and sellers have relatively equal bargaining power.)
Pricing: The Dothan area median sales price hit a record high in April of $199,000. This is an increase of 20.7% from one year ago and an increase of 12.4% from March. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in April averaged 100 days on the market (DOM), 34 days faster than April 2020.
Forecast: April sales were 5 units, or 3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 176 sales for the month, while actual sales were 181 units. ACRE forecast a total of 624 residential sales year-to-date, while there were 598 actual sales through April, a difference of 4.2%.
Click here to view the entire monthly report.
The Southeast Alabama Residential Monthly Report is developed in conjunction with the Southeast Alabama Association of Realtors to better serve Dothan-area consumers.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period April 1 - 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.