Mortgage rates dropping; Dothan homebuyers getting in the game
November 26th, 2008 - Categories: Buying a home in the Dothan area, Financing
By: Charles Woodall
http://www.dothanhomesearch.com
Our Federal government’s attempt to jump start the economy, more specifically the housing market, took hold on Tuesday as mortgage rates dropped by about a half a percent practically overnight. Interest rates that were over six percent a month ago are now below 5.5%. I get regular updates from several Dothan area mortgage lenders and some have rates even lower according to Tuesday’s email.
If you have been thinking about buying a home here in the Dothan area, most signs point to this being a great time to do so. You can keep an eye on the national average of mortgage rates by watching the current mortgage rates widget in our right sidebar, provided by Zillow Mortgage Marketplace.
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Monday Market Snapshot - November 24, 2008
November 24th, 2008 - Categories: Dothan area Real Estate Market information
By: Charles Woodall
http://www.dothanhomesearch.com
| Homes on market | 994 | DOWN |
| Median List price | $169,800 | UP |
| Avg $ per sq ft | $96.48 | UP |
| Avg days on market | 159 | UP |
| Least expensive listing | $8,900 | DOWN |
| Most expensive listing | $2,500,000 | UNCHANGED |
| Pending sales | 114 | UNCHANGED |
| Sales last 7 days | 9 | UP |
Highlights
- The number of homes for sale in Dothan dropped significantly last week, down below 1,000 for the first time since early October
- Pending sales held steady at 114, which is a good sign
- Days on market are rising steadily
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New home starts at lowest level since 1959
November 20th, 2008 - Categories: Dothan area Real Estate Market information, New construction homes in Dothan
By: Charles Woodall
http://www.dothanhomesearch.com
From the Birmingham Business Journal-
Two key measurements of the housing market show that the sector is a long way from ending its historic slump, but the South showed slight improvement.
A new report from the U.S. Commerce Department shows housing starts reached an annual rate of 791,000 last month, the lowest level since the department began tracking starts in 1959. The October rate plunged 4.5 percent from the revised reading of 828,000 in September.
On top of that news, building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975. The annual rate for September was revised to 805,000. Building permits are an indicator of building activity in the next three to six months.
The declines last month were led by a 31 percent drop in the Northeast, where construction of single-family homes fell to a record low. Home starts dropped 13.7 percent in the Midwest, but rose 7.5 percent in the West and a 1.5 percent in the South.
Notice that the lowest decline was here in the South. Judy posted last week about the Dothan new home market, which is running along quite nicely thank you.
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Dothan real estate market - November Sales report
November 19th, 2008 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information, Selling a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
For the fourth month in a row, Dothan single-family home sales outpaced same month figures from 2007. Data from the Dothan Multiple Listing Service (MLS) shows that 89 homes sold in the Dothan area in October, up slightly from last years 86. We talked about last quarter bucking the national trend, and the last quarter of 2008 has started the same way.
After dropping significantly earlier in November, the number of pending sales is up slightly this week. Pending sales are a good indicator of future activity, so any movement upward is a welcome sight. There are currently 114 sales pending in the Dothan MLS.
Year-to-date, Dothan area home sales are running about 10% behind last year, with numbers comparable to 20032004 sales.
If you are reading this and wondering if it is a good time to buy or sell a home in Dothan, then we need to talk. Pick up the phone and call me at the office, 3347936990, or on my cell, 3345960808. Im not going to give you a hard sell or anything like that, we will just talk about your situation and try to figure out what is best for you right now. Sound fair?
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Monday Market Snapshot - November 17, 2008
November 17th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
http://www.dothanhomesearch.com
| Homes on market | 1028 | DOWN |
| Median List price | $169,000 | UP |
| Avg $ per sq ft | $95.91 | UP |
| Avg days on market | 154 | UP |
| Least expensive listing | $8,900 | DOWN |
| Most expensive listing | $2,500,000 | UNCHANGED |
| Pending sales | 114 | UP |
| Sales last 7 days | 7 | UP |
Takeaways
- Pending sales are up this week, which is a good sign in November
- Both median list price and price per square foot are up slightly this week
- Average days on the market is now over five months
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Dothan Real Estate Market Report - November New Construction
November 14th, 2008 - Categories: Inside the numbers, New construction homes in Dothan
By: Judy Spears
There were 23 permits issued in October for new homes to be built, exactly the same number as October, 2007, but down just slightly from last month. Of the 23 however, eight were for one subdivision (Ill have more on this development in a later post). Just like the resale home market here, new construction (starts anyway) is going through its seasonal slowdown.
Unlike the number of resale homes for sale in Dothan, the number of new construction homes listed has edged downward. As of this morning, there are 215 new construction homes listed in the Dothan MLS, down from 223 last month.
There were 25 sales of new construction homes in October, with an average price per square foot of $106.60 and average days on the market of 182 days. Price per square foot was up about $10 and days on the market was down by over a month. Home builders seem to have had an all around good month.
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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Twilight Open House - 2810 Peachtree Drive
November 12th, 2008 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information
By: Charles Woodall
http://www.dothanhomesearch.com
Thursday, November 13 from 4:30 6:30 pm
Nestled in Peachtree Hills, this beautiful all brick home was custom built by Heartwood Homes and completed in March 2008. It offers 4 bedrooms and 3 full baths with a 2 car attached garage. Hardwood floors flow from the front door all the way through the family room, formal dining room, and kitchen. The kitchen features stainless appliances, granite countertops, and slate backsplash.
The kitchen opens up to the Family Room with wood burning fireplace. Just off the Family Room is the wooden deck which has ceiling fans and lots of space for cookouts.
The master bedroom has a trey ceiling and large master bath with ceramic tile master shower and large Jacuzzi bathtub. Carpet is installed in 3 bedrooms and bonus room.
The hugh bonus room upstairs is finished and can be used as home office, game room or exercise room.
This home is convenient to Flowers Hospital, Providence School and near Ft. Rucker.
Directions:
Turn onto Murphy Mill Road past Old Mill Restaurant. Follow Murphy Mill past John D. Odom Road. Over Murphy Mill Creek and back up the hill, just past Old Mill Run, turn left on Sunnycrest. Go one block to Peachtree. Home on the corner of Peachtree and Sunnycrest.
For more information call: Margaret Patrick 334-701-6357.
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Twilight Open House - 104 Mill Ridge
November 12th, 2008 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information
By: Michelle Beasley
Thursday, November 13 from 4:30 6:30 pm
Come by and see the beautiful New Orleans style home on 104 Mill Ridge Road in Dothan. This 4/2.5 home located on a quiet cul-de-sac in Kingswood Subdivision is a great entertaining home. The den, dining room, and living room all opening to each other. The Sunroom can be accessed through the den or dining room. The den is cozy with a fireplace surrounded by built-ins. It also has a bar area with storage. The bar can be used as an alternate eating area or to serve a buffet for your big gatherings. It also contains new recessed lighting.
The dining room is large enough for a table of 10 with room to spare. It also has new recessed lighting and new light fixtures. The living room has new recessed lighting. You can fill it with tables and chairs for parties or fill it with your stylish furniture. The kitchen has plenty of cabinets and counter space is abounding. There is new under the cabinet lighting and the tile has a custom design. There is a quaint breakfast area in the kitchen also. Off the foyer there is a study/office with built-in shelves and desk. There is a large closet in the office. The 4th bedroom is being used as a playroom and has custom shelving in the large closet. There is a half-bath and laundry room downstairs also.
There are 3 bedrooms upstairs. Two of the bedrooms are connected with a full bath. One bedroom has double closets and one has custom shelving. The huge master suite has fresh paint and a walk-in closet. It also opens to the balcony. The large master bath has a jacuzzi tub, tile shower, double vanities, large storage bench, and plenty of storage. It also has double clothes hampers built in.
The outside of this home has been freshly painted. It has beautifully landscaped yards and a new sprinkler system. The courtyard has been custom designed with landscaping and entertaining areas. It’s just right for those cookouts. The backyard boast a large dog run for your family pet. It has a natural area toward the back and is grassed close to the house. A new roof in 2007 caps this wonderful home.
This great home is located close to shopping, schools, banks, restraurants, recreation, and churches. It has easy access to 231 north and 84 west, which makes it a great place for someone who works at Fort Rucker. Mill Ridge is zoned for Kelly Springs, Girard, and Northview. You are also close to Providence Christian, Northside Methodist, and Houston Academy. Troy University and Wallace College are both convenient.
Please come and visit on Thursday.
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Dothan Real Estate Market - November Inventory Report
November 11th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
http://www.dothanhomesearch.com
The number of homes for sale in the Dothan real estate market has risen about 5% in the last 30 days. As of yesterday morning, there were 1031 single-family houses listed for sale in the Dothan MLS, up from 987 on the first Monday of October. While other markets around the country have seen their inventory numbers go down over the summer, Dothan has remained steady to up slightly. Now that the fall slowdown is here, who knows where the ceiling might be.
An increase in inventory during the fall is very common. Sales typically start slowing down in September and usually without a corresponding drop in the number of folks that put their home on the market.
Absorption rate
Rising inventory and slowing sales mean the absorption rate is going to go up. We now have ten and a half months worth of homes on the market in Dothan, up from nine months 30 days ago. However, this number is only slightly higher than the 10.17 months of inventory in November of 2007.
Here are inventory and absorption rate numbers for several areas around the Wiregrass.
| Sold | Active | Absorption | |
| Area | October | 11/10/2008 | Rate (months) |
| Dothan (northwest) - Midland City | 13 | 173 | 13.3 |
| Dothan - Southwest | 32 | 305 | 9.53 |
| Dothan - Northeast | 0 | 38 | - |
| Dothan - Southeast | 9 | 115 | 12.78 |
| Headland | 3 | 52 | 17.3 |
| Rehobeth - Taylor | 2 | 7 | 3.5 |
| Wicksburg - Pinckard - Newton | 1 | 25 | 25 |
| Slocomb - Hartford - Geneva County | 1 | 34 | 34 |
| Abbeville - Newville | 1 | 30 | 30 |
| Ashford - Cottonwood - Gordon | 1 | 48 | 48 |
| Columbia - Webb - Kinsey | 2 | 25 | 12.5 |
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Monday Market Snapshot - November 10, 2008
November 10th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
http://www.dothanhomesearch.com
| Homes on market | 1031 | UP |
| Median List price | $168,000 | DOWN |
| Avg $ per sq ft | $95.71 | DOWN |
| Avg days on market | 152 | UP |
| Least expensive listing | $8,900 | DOWN |
| Most expensive listing | $2,500,000 | UNCHANGED |
| Pending sales | 107 | DOWN |
| Sales last 7 days | 5 | DOWN |
Takeaways
- Inventory is up sharply in the last 60 days; 50 units in just the last 30 days
- Pending sales are edging downward, typical for this time of year
- Median price and price per square foot are trending downward as well
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