July 12th, 2007 - Categories: Buying a home in the Dothan area, Dothan Area events, Dothan area Real Estate Market information, Inside the numbers, Real Estate News, Selling a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
The year is half way over, and that gives us a good opportunity to analyze the market and compare it to previous years. It is worth noting that 2004, 2005, and 2006 were successive record years for real estate sales in Dothan. Let’s first look at the numbers, then discuss what they mean. Click on the thumbnail on the right to see the stats.
There are several conclusions that can reasonably be drawn from this data when comparing 2007 to 2006 year-to-date.
1 - Inventory (homes on the market for sale) is way up. June 2007 inventory is up 50% over June 2006
2 - Average market time has increased by three weeks, from 101 days to 122 days
3 - Overall sales are virtually the same in both units and total volume in the first half of 2007 compared to the same period in 2006.
For home sellers, the good news is statistics show that there are just about as many buyers as there were in 2006, which was a record year for home sales in Dothan. The bad news; you have more competition for those buyers than at any time in the past five years. Our best advice is to not live in the past. Even though your neighbor had multiple full price offers within a couple of weeks of listing his home a year and a half ago, the odds are you aren’t going to be so lucky.
If you are looking to buy a home soon, or are currently looking, the good news is there are more choices in most price ranges than there has been at any time in the last four or five years. The bad news (or maybe not so good news is better) is there are still a lot of buyers looking, so the houses that are priced right are still selling fairly quickly.
The best thing you can do whether you are buying or selling is to work with a real estate professional that is in the market everyday and knows what is going on.
Quick Home Search
Copyright © 2007 Dothan real estate blog, Dothan homes for sale from CENTURY 21 Key Realty Agent Login Design by Real Estate Tomato Powered by Tomato Blogs
[…] In the market update for June, I talked about the number of homes on the market in the Dothan area being up about 50% in the past twelve months. When you look further back, the number has nearly doubled in less than 24 months. Average time on the market has increased during this period by about three weeks, up to 121 days. […]
[…] We have discussed in previous posts that it was too early to say whether a slowdown had hit the Dothan real estate market. When we last examined the overall market, in our Mid-year Dothan Real Estate Market Update, sales had slowed, but were still keeping pace with 2006. […]