Dothan Real Estate Market Update, November 2007

The number of homes for sale in Dothan took another big jump in October, up to a whopping 946 homes. That is another 3% increase from September, and a total increase of 36% from October of 2006. Some home sellers may be getting bad advice, because there is no reason to have your home listed for sale right now unless you absolutely have to sell.

The number of foreclosures in the Dothan market has not risen significantly, but there is not a way that I can find to measure pre-foreclosures, which could account for some of the increased inventory.

Click on the graphic below for a full view of the statistics.

Here are the highlights for this report:

• The number of homes sold in October was very close to the number in October, 2006 (89 and 92 respectively). That is the first positive sign we have had in several months. The number of pending sales was still down compared to October, 2006, but was up compared to last month.
• The average list and sale prices were down significantly in October, but I think that is mostly just an averaging out, since the September figures were unrealistically high.
• Median price was down both month-to-month and year-to-year. I am certain that when this year is all said and done, we will see a drop in median price for 2007.
• Averages days on market (DOM) was down from September. I am baffled somewhat by this stat, as the last time the number of homes for sale in Dothan was this high, days on market averaged about five months.