A Chicken in Every Pot, and A Home on Every Street
September 13th, 2007 - Categories: Buying a home in the Dothan area, Inside the numbers, Selling a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
At the end of August, there were 885 single family properties listed for sale in the Dothan Multiple Listing Service. Inventory continues to rise, and we are fast approaching what would be an all-time high. In the last three months, close to 600 new listings have been brought to the market, while there have been only about half that many (335) sold. Of the 885 listed properties, over 200 are new construction homes. It certainly looks like there is at least one home for sale on every street in Dothan.
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.
Well, the numbers for July and August numbers?definitely show a slowdown, both in?homes sold and pending sales.?Compared to?the same time period in 2006, home sales are down 6.7% so far in 2007, while inventory is up 59% over August, 2006. ?Pending sales in July and August were down nearly 30% over the same two months in 2006.
How bad will the slowdown be? It is hard to say at this point. In our office, our sales are up nearly 10% over last year. Obviously, not every real estate office in Dothan can make that claim.
Stay tuned and we will keep you posted.