Dothan area residential sales dropped 17.7% from last November with a total of 65 units in November. Year-to-date residential sales through November are up a solid 8.0 percent which is consistent with the growth thru-out Alabama.
Supply: Housing inventory decreased 4.9% from last November to 1,216 units. The housing supply is now 18.7 months (7-8 months = balanced market). Last November it was 16.2 months supply. Before the Market Downtown in 2006, there was a 6 month supply. Historically, the increases by 2.5% from October.
Demand: Monthly residential sales were down 17.7%. Historically, November is down 2.5% from October. November 2006 was the peak at 100 units.
Pricing: Median pricing went down 6.5% from last November to $134,600. Historically, November is 8.9% better than October, so this trend is worth watching. SinceLocal 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.
Financing Alert - 2014 Qualified Mortgage (QM) takes effect on January 10th: "The 2014 QM rule has generated more news, commentary and debate than almost any other mortgage rule in history." Qualified Mortgage has created a news page to help you keep up with developments in this area.
"historic" = 2008 - 2012
Infograph courtesy of ACRE.
& here's to more growth in your market
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