Dothan Real Estate Market Report - October New Construction
October 10th, 2008 - Categories: Inside the numbers, New construction homes in Dothan
By: Judy Spears
The new construction home market in Dothan seems to be steady at the moment. Another 25 permits for construction were issued in September, including four properties to be built in the new Stone Creek Landing development on South Park Avenue and one Habitat for Humanity home. Home starts in Dothan have been consistently in the 2025 per month range since spring, and this months 25 represents a 47% increase over September of 2007.
Below is a chart showing new home starts in Dothan over a longer period, going back 12 quarters or three years. It remains to be seen if the low reached in the fourth quarter of 2007 was indeed the bottom. I think we will know once we see what the market does during the last quarter of 2008.
Inventory of new construction homes on the market in Dothan moved back up in September. There are currently 223 new construction homes listed in the Dothan area MLS, up from 211 last month. The median price of these listed homes is $197,500, which is over $60,000 above the overall market median.
There were 19 sales of new construction homes in September, according to data from the Dothan MLS, with an average price per square foot of $95.45 and average days on the market of 218 days. I cant remember the last time average price per square foot on new construction was below $100, so this months figure is a significant development.
If you have an interest in building or purchasing a new construction home, give me a call or use the contact form. As a Certified New Homes Specialist (CNHS), I have extensive training in the new home market and would be happy to consult with you on your real estate needs.
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[...] number of new home construction permits issued in the third quarter was up nearly 36% over the same period in 2007. New home sales are up too, [...]