The Mayor is optimistic, and so am I
October 24th, 2008 - Categories: Dothan area Real Estate Market information, Real Estate News
By: Charles Woodall
http://www.dothanhomesearch.com
Dothan Mayor Pat Thomas is optimistic about the likelihood of continued growth in Dothan, including areas on the south and east side of town where expansion has been slow to occur in the past. While the Mayor is talking mostly about retail and business, I am almost as optimistic as he is when it comes to the Dothan real estate market. Heres why.
Dothan home sales are steady
Even though home sales are down about 11% from last year, that drop-off is not even close to what some real estate markets are experiencing, even some areas in Alabama. According to the Birmingham Business Journal, home sales in Birmingham are down 27 percent from 2007, and statewide the number is 22 percent. The median price here in our area, as well as Alabama as a whole, is down only a fraction of a percent for the year.
Dothan is growing
Mayor Thomas points out that Dothan is one of only a couple of Alabama cities to show positive population growth in 2008. More people moving in means more homes sold or rented, as well as business and retail expansion, creating jobs. As long as Dothan continues to be the largest city within a 75 mile area, and people drive here to shop, eat, and go to the doctor, this trend will probably not change.
Dothan new home construction starts are up
The 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, about three percent for the first nine months of 2008, compared to the same period in 2007. You wont find these same trends in many other real estate markets.
There is no doubt some uncertainty where the economy is headed. But most of the signs point to Dothan being somewhat isolated from the problems occuring in other parts of the state and country.
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