Dothan, Alabama area residential sales up 5% in January
Residential sales in the Dothan, Alabama area increased 4.5% from last January with a total of 69 units, which is 4 units above the ACRE forecast.
Year-to-date residential sales throughout 2013 were up a solid 8.0 percent which is consistent with the growth thru-out Alabama, but lower than the major metroplitan areas (see my previous State Report).
Supply: Housing inventory decreased 7.0% from last January to 1,175 units. The housing supply is now 17 months (7-8 months = balanced market). Last January it was 19.2 months supply, so it’s down 11.1%. Before the Market Downtown in 2006, there was a 5 month supply. Historically, the inventory increases by 7.1% from December.
Demand: Monthly residential sales were down 5.5%. Historically, January is down 18.9% from December. January 2007 was the peak at 111 units.
Pricing: Median pricing increased 23.6% from last January to $130,000, but was 4.9% below December ($136,695). Historically, the January price increases by 6.1% from December. Pricing pressure will lessen over time as supply is reduced.
Since Local Markets are just that, “LOCAL”, we highly recommend consulting with a real estate professional to discuss prices as it can, and will, vary from neighborhood to neighborhood.
Lawrence Yun, chief economist of the National Association of Realtors®, who recently presented at ACREcon said "Direction wise I see the economy is expanding. I expect 2.5% GDP growth this year.”
"historic" = 2009 - 2013
Infograph courtesy of ACRE.
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