Days on Market Analysis of the Dothan Real Estate Market - 3rd Quarter, 2007
October 23rd, 2007 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information, Inside the numbers, Selling a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
We discussed last week the correlation between the number of homes on the market and the number of homes that have sold. Called absorption rate, this calculated figure gives us a gauge as to where the market might be heading.
This week, we are talking about something a little more simplistic, days on the market. Everyone wants to know how quick their property is going to sell, and the information below will hopefully give you an idea. For the Dothan real estate market as a whole, the average number of days on the market for the 3rd quarter was 114 days, up from 99 days in the 3rd quarter of 2006.
In the first table, you can see how days on the market has changed in specific areas when comparing the 3rd quarter of 2006 to the 3rd quarter of 2007.
Days on Market by area - 3rd Qtr, 2007
| # homes sold | Avg DOM 2007 | Avg DOM 2006 | |
|---|---|---|---|
| west Dothan, outside Circle | 107 | 115 | 103 |
| east Dothan, outside Circle | 30 | 113 | 87 |
| northwest Dothan, inside Circle | 9 | 101 | 102 |
| Houston County, outside Dothan | 37 | 118 | 99 |
| Headland | 18 | 135 | 79 |
| Geneva County | 7 | 119 | 175 |
As you can see, the time it takes to sell a home is up, sometimes significantly, in almost all areas. The most noticeable increase is Headland, which is up almost two months, and Houston County outside of Dothan, where the average home is staying on the market three weeks longer this year compared to last.
The next table shows how days on the market has changed in different price ranges.
Days on Market by price - 3rd Qtr, 2007
| # homes sold | Avg DOM 2007 | Avg DOM 2006 | |
|---|---|---|---|
| $75,000 - $100,000 | 39 | 83 | 78 |
| $140,000 - $170,000 | 48 | 119 | 101 |
| $200,000 - $240,000 | 24 | 118 | 129 |
| over $300,000 | 24 | 182 | 135 |
This is somewhat of a sliding scale. In the lower price ranges, the difference is minimal. As the price goes up, so does the increase in market time. In the over $300,000 price range, the market time is now up to a full six months.
If you have a specific area or price range you would like me to analyze and report on, just drop me an email or leave a comment below.
Possibly Related Posts
- Pending Home Sales Continue to Fall in Dothan
- Dothan Real Estate Market Update for October, 2007
- Dothan Real Estate Market Absorption rate analysis for 3rd Quarter
This entry was posted on Tuesday, October 23rd, 2007 at 8:56 am and is filed under Buying a home in the Dothan area, Dothan area Real Estate Market information, Inside the numbers, Selling a home in the Dothan area. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
[…] We have discussed other market numbers recently, including an analysis of days on market, absorption rate, and the overall numbers. All of them point to a slowing market. Today I want to throw a new number into the mix. We’ll call it the Pending Sales Ratio. […]