Dothan, Alabama area residential sales improve 21% in March from last year
Dothan area residential sales in March improved 21.3 percent from the same period a year ago with the sale of 224 units.
Supply: Dothan area housing inventory went down 13.1% from last March to 1,133 units. The monthly inventory decreased by 1.0%. It is interesting to compare to pre-downturn era (March 2006) when the figure was 3.5 months of supply reporting a market that was too hot (the "good ol'days" that I keep hearing about!). But, the inventory level still remains high with an inventory-to-sales ratio of 12.5 months of supply, but is a decrease from 28.4% last March. Market equilibrium (balance) is considered to be 8 - 9 months of supply so this represents an area where continued improvement would be welcome news..
Demand: Residential sales went down 7.2% from February. Sales typically increase from the month of Febuary by 18.6 percent.
Pricing: The Dothan area median sales price in March was $120,000, which is a 5.5% decrease from last March, but the same as last month. This is consistent with historical data indicating that March median price, historically* increases from the month of February by .3 percent. The sales peak for the month of February was established in 2007 (108 units).
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.
*"historic" = 2009-2013
Infograph & stats courtesy of ACRE