Dothan real estate market – June 2009 Sales report
June 9th, 2009 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information, Selling a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
Home sales in and around the Dothan area fell to their lowest monthly level since January last month, with just 64 houses shown as sold during May, according to data from the Dothan Multiple Listing Service. That is down from the 76 sold in April and is nearly half of the number of homes sold in May of 2008. Year-to-date, home sales in the Dothan real estate market are lagging over 27% behind 2008 numbers.
On a positive note, pending sales have been trending upward over the last couple of months. In fact, the 174 homes marked as pending in the Dothan MLS this week is the highest since early last summer. The number of homes listed in pending status is a good indication of sales activity in the next 30–60 days.
So what does this mean? It could possibly mean that the Dothan real estate market has reached its bottom. That does seem somewhat unlikely, given that the number of homes currently on the market is at an all-time high. There can be no sustainable rebound in home sales until inventory starts to fall. Also, median price so far in 2009 has been just under $130,000, which is down three to four percent from the final 2008 number. Hopefully, we won’t need to see any further erosion of prices before an upswing begins. Time will tell. One thing is for sure, we won’t know until several months after it has already happened that the bottom has been reached.
