Dothan area residential sales totaled 64 units in February, virtually unchanged from last February. The median selling price edged up 2.6 percent from the same period a year earlier. Closed transactions are consistent with our monthly forecast.

Click

here

to view or print the entire February report compliments of the

ACRE Corporate Cabinet

.

Dothan area residential sales unchanged from February 2013. Inventory down 11% from last February. Infograph courtesy of ACRE. All rights reserved.

Supply:

The Dothan area housing inventory in February was 1,145 units, a decrease of 11.0 percent from February 2013. There was 17.9 months of housing supply (8 months represents balanced market in February) in February 2014 versus 19.8 months of supply last February, a decrease of 9.6 percent. It is interesting to compare to pre-downturn era (February 2006) when the figure was 5.0 months of supply. February

inventory in the Dothan area decreased 2.6 percent from the prior month. Historical data indicates that February inventory on average (’09-’13) traditionally increases from the month of January by 2.9 percent.

Demand:

prior month. This month's direction contrast with historical data indicating that February sales, on average (’09-’13), increase from the month of January by 18.6 percent. The sales peak for the month of February was established in 2007 (108 units). Residential sales slipped 7.2 percent from the. This month's direction contrast with historical data indicating that February sales, on average (’09-’13), increase from the month of January by 18.6 percent. The sales peak for the month of February was established in 2007 (108 units).

Dothan area median home selling price improved 2.6% from February 2013. Infograph courtesy of ACRE. All rights reserved.

Pricing:

The Dothan area median selling price in February was $120,000, a 2.6 percent increase from last February but 7.7 percent below the prior month ($130,000). In contrast, historical data indicates that February median price, on average (’09-’13), increases from the month of January by 2.3 percent. Pricing pressure will lessen over time as supply is reduced. It should also be noted that differing sample size (# of residential sales of comparative months) can contribute to statistical volatility including pricing. We highly recommend consulting with a real estate professional to discuss prices as it can and will vary from neighborhood to neighborhood.

Industry Perspective:

Fannie Mae recently released their

January 2014 National Housing Survey

results where 70% of respondents said they would buy if they were going to move. According to Doug Duncan, senior vice president and chief economist at Fannie Mae, “A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home.”

2013 Dothan Area Residential Recap - Sales Up 8%

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Dothan Area Residential Monthly Report The

Dothan Association of REALTORS to better serve Dothan area consumers. The ACRE monthly report is provided to illustrate the "general" market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within an area including subdivisions, and is work product developed in conjunction with theto better serve Dothan area consumers. The ACRE monthly report is provided to illustrate the "general" market direction & trends when comparing prior periods with the most current residential data available. Real estate is local and statistics will fluctuate between areas within an area including subdivisions, and

ACRE recommends that you consult

a

local real estate professional

for "specific" advice associated with your market.

The Alabama Center for Real Estate's core purpose is to advance the real estate industry in Alabama by providing relevant resources in the areas of research, education and outreach.

ACRE was founded by legislative act in 1996 due to the efforts of the

Alabama Real Estate Commission,

the

and the Office of the Dean,

UA Culverhouse College of Commerce

ACRE Corporate Cabinet and our statewide to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of theand our statewide

ACRE Partners

.

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