This article was originally posted on DothanHomeSearch.com
At the end of each quarter, we look at some Dothan real estate market statistics that don’t fit well into one of our monthly reports. That is not to diminish their importance however.
Median Price
Median price can vary significantly from month-to-month, so we compare quarters to help smooth out the bumps. Median price is used instead of average price because it reflects the midpoint, or the price where half the homes sold at a higher price and the other half sold at a lower price.
The median price from the Dothan MLS for the first quarter was just over $134,000, up from around $128,000 in the 4th quarter of 2007. From a peak in the third quarter of 2006, the median price of homes sold in Dothan is down 8.6%.
Absorption Rate
Absorption rate is a measure of how well the market is clearing, or absorbing, inventory (listings). The absorption rate for March was just over 10 months, down from nearly 12 months in January. In other words, if no more listings came on the market, it would take about 10 months to sell everything that is currently listed.
All signs recently seem to suggest that the Dothan real estate market is sound and active. Spring is typically a busy time, so hopefully these latest developments will continue move the market forward.
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