Dothan, AL Real Estate News

By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com I posted earlier this week that the median home price in the Dothan area has fallen almost 9% (stats from the Dothan MLS) since the peak in the third quarter of 2006. According to Yale University economist Robert Shiller, home prices could fall a lot further. Median price rose in the Dothan area about 30% between 2000 and 2006, so having to give some back when the market turns like it has is only logical. Only time will if ours have indeed bottomed out, or if the slide resumes. My opinion is that Shiller's outlook is far too pessimistic, for our market anyway. Too many good things happening around here right now. Hat tip to RealCentralVA
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com Continuing our look at different price ranges around Dothan. On Monday, we looked at a few homes priced around $90,000. Here is a link to homes for sale in the Dothan MLS priced at around $135,000. We have a foreclosed 3BR/2BA home zone for Rehobeth schools listed for $134,900. It needs a little work, but would make a great home. There are a couple of new construction homes listed in the Kinsey area. Both 3BR/2BA and listed for $135,000. Ready to move in! How about an old farmhouse in the country? Check out this 3BR/1BA built around 1900, just outside of Headland. As always, we would be happy to email you more information on any property you find on our website. Let us know how we can help! Tags: Dothan+real+estate
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com At the end of each quarter, we look at some Dothan real estate market statistics that don’t fit well into one of our monthly reports. That is not to diminish their importance however. Median Price Median price can vary significantly from month-to-month, so we compare quarters to help smooth out the bumps. Median price is used instead of average price because it reflects the midpoint, or the price where half the homes sold at a higher price and the other half sold at a lower price. The median price from the Dothan MLS for the first quarter was just over $134,000, up from around $128,000 in the 4th quarter of 2007. From a peak in the third quarter of 2006, the median price of homes sold in Dothan is down 8.6%. Absorption Rate Abso...
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com Both homes sold and pending sales were up in March, a good sign that the Dothan real estate market is still healthy. New pending sales were up almost 25% over March, 2007 and last month. There were over 100 homes sold in February and March which is the first time that has happened in two consecutive months since last summer. Pending home sales are at their highest level in several months. In fact, there are more pending sales right now than at any time since April, 2007. This a good measure of activity to come in the next 30 to 60 days. The number of homes sold is closely following totals from last year, which is another good sign that the Dothan housing market is in good shape. As you can see just to your right, mortgage rates ...
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com New home starts were up again in March, compared to the past few months. Spring typically means an increase, but as you can see from the graph, that wasn’t the case this time last year. If we see another good couple of months in April and May, we might be able to say the bottom of the new construction market in Dothan, Alabama has been reached. The three-year graph below seems to support this idea. Here is the trend over the last twelve months. Here is the trend over a longer period of time; the last three years. As of this morning, there were 217 new construction homes listed in the Dothan area MLS, down about 5.5% from last month. Another positive sign that things might be turning about for Dothan area homebuilders. If you hav...
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com Foreclosures are trending up. We all know that because we hear about it in the media every day. Foreclosures in the Dothan area are up too, but seem to have leveled off in the past few weeks. There is no way anyone could conclude from these numbers that the Dothan real estate market is suffering because of a greater number of foreclosures on the market. The average number of notices so far this year has been about 23 per week. The last couple of months of 2007 the average was around 16. Large jump percentage wise, but in overall numbers, not so much. Tags: Dothan+foreclosures, Dothan+real+estate
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com The Wisteria Vine’s light purple color can make for a stark contrast to many other plants blooming this time of year. And because it is a vine, it is sometimes hard to tame. The most beautiful of these vines are in places where they are allowed to grow on the side of a building. —————————————————————————————— Interested in living along the Azalea Dogwood Trail? CLICK HERE for a map of homes for sale in this part of Dothan. Tags: Wisteria, Dothan, Azalea+Dogwood+Festival
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com I have heard a Spirea bush called a “snowball bush” because when you see it from a distance that’s what it looks like. The flowers are actually clustered in groups of a dozen or so blooms, and they are as white as snow. Interested in living along the Azalea Dogwood Trail? CLICK HERE for a map of homes for sale in this part of Dothan. Tags: Springtime+in+Dothan, Azalea+Dogwood+Trail
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com Here’s another of the magnificient blooming trees and bushes you’ll find around Dothan this time of year. It is hard to argue that springtime is the most beautiful time of the year. The Flowering Peach comes in white (shown below), pink, and red. I’m 99% sure this is a Flowering Peach, but feel free to correct me if I am wrong. Tags: Dothan+in+spring, Azalea+Dogwood+Trail
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com The Azalea Dogwood Festival marks the annual return of spring to the Dothan area. We have been posting over the past week or so some beautiful pictures of trees and shrubs that are blooming around the area right now. This Sunday, March 30, you can see them first hand by following the 44th Annual Azalea Dogwood trail. Ribbon cutting will be at 2:00 pm at the corner of West Main and Woodland Drive. After driving the trail, “Sunday in the Park” festivities will take place at Solomon Park, including entertainment, free refreshments, and children’s games. Make plans now to attend! Click on the map to enlarge. There is a good number of homes for sale along the trail, so if you see any home you might be interested in, contact our offic...
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By Charles Woodall
(CENTURY 21 Key Realty)
This article was originally posted on DothanHomeSearch.com You have likely seen the ads on tv touting April as CENTURY 21 National Open House month. We at CENTURY 21 Key Realty will be participating by having two huge open house weekends. The first will be on Sunday, April 6th, and the second on Saturday, April 26th and Sunday, April 27th. Watch for more information coming in the next few days. We will have complete information on the houses that will be open as well as directions and times here on DothanHomeSearch.com. Tags: open+house, Dothan+real+estate
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By Charles Woodall
(CENTURY 21 Key Realty)
February brought a nice upturn after a couple of months of slow activity. As we discussed last week, sales were strong and pending sales are good. How about inventory? I’m glad you asked. Inventory Inventory was down in February, with 928 single family units on the market for sale. Looking at the graph, inventory has remained fairly steady since fall. We could stand to shed 100 or so listings, but as long as the number doesn’t start going back up again, the market will be ok. Absorption rate The absorption rate for March is up to 12.16 months. Because we use a three month rolling average of sales to figure absorption rate, the lower number of homes on the market last month had little effect. Using a three month average helps smooth out the ups and downs of the market, and gives a more a...
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By Charles Woodall
(CENTURY 21 Key Realty)
Originally posted on our website, www.dothanhomesearch.com. The number of homes sold in Dothan took a huge jump last month, climbing 55% over January numbers. In fact, the 95 houses sold in February was second highest monthly total since August. Sales and Pending Sales Pending sales through January and February have remained near 2007 levels. Pendings are a good sign of activity to come over the next 30 – 60 days, and one would expect these numbers to fall if the market were slowing. Next month, when the first quarter numbers are in, we’ll be able to look at a longer time line and maybe confirm this trend. The number of homes sold continues to trend at or near 2007 levels. Again, we would expect to see a fall off of those numbers if the market was slowing, but that just doesn’t seem to ...
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Judy Spears posted this update on our blog today The number of new homes started in February was up from January. Keep in mind that the 19 homes started will not be completed for at least three or four months, so they are not typically included in the inventory numbers you see posted here. Here is the trend over the last twelve months. There are currently 230 new construction homes listed in the Dothan area MLS (broken down by price range below). This number is down from the past two months, which hopefully means that some old inventory is starting to move. under $135,000 – 43 listings $135,000 to $200,000 – 80 listings $200,000 to $300,000 – 57 listings over $300,000 – 50 listings If you have an interest in building or purchasing a new construction home, give me a call or use the conta...
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By Charles Woodall
(CENTURY 21 Key Realty)
As mentioned before, I have only been keeping hard records of this information since November. That is probably not enough of a time frame to establish any kind of trend, so take this for what it is. It is an accounting of the number of foreclosure notices listed in the legal section of The Dothan Eagle each week. Keep in mind that foreclosure notices are printed in the newspaper for three consecutive weeks, so when you see over 30 during the week of January 21, that is likely not 30 newly foreclosed properties. Not much indication of any direction in this. We’ll keep an eye on it. If you would like a list of foreclosed properties, give us a call or contact us by email. Tags: Dothan+foreclosures, Dothan+real+estate
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By Charles Woodall
(CENTURY 21 Key Realty)
Meet anybody new here in Dothan, you’ll inevitably ask this question. Of course, this is southern hospitality at its best, taking a keen interest in those we come in contact with. While the answer is typically somewhere close by, it is interesting to note that some areas a little further away have a good number of people moving to our little slice of heaven here in southeast Alabama. Here are the areas that had the greatest number of households moving into Houston County in 2006. This information comes from the National Assocation of REALTORS study of relocation patterns. NAR gets its data from the Internal Revenue Service. Surrounding counties in Alabama (Dale, Henry, Geneva, Coffee, Pike, Barbour) – 921 households Florida panhandle – 174 households Central Florida (includes Tampa and ...
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By Charles Woodall
(CENTURY 21 Key Realty)
The dirt is moving on project that we told you about back in November. This will be the first development of its kind here in the Dothan area. Here are the quick details. The plan from Epcon is to build Stone Creek Landing, a 118 unit ranch style condominium development that will include 28 4-unit buildings and three 2-unit buildings, with each unit ranging in size from 1325 to 1926 square feet. The development will also include ponds, walking trails, a fitness center, plus many other amenities. As always, construction schedule is dependent on the weather. I'll keep you updated with regular posts on this new type of development for Dothan. If you think you might be interested in purchasing one of these units, I’ll be glad to notify you as soon as sales open. Drop me an email to judy(at)...
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By Charles Woodall
(CENTURY 21 Key Realty)
January is usually our slowest month. Looking at the sales numbers from last week bares that out. When sales slow, inventory typically rises. Inventory As predicted, inventory is back up this month, almost to the peak reached last October. Look for some fluctuation in the number of homes on the market, but we expect the level to remain around where it is now for the immediate future. Absorption rate The absorption rate for February is up to 11.76 months. In other words, if no more homes where added to the market, it would take nearly a year to sell everything currently listed, based on current sales rates.   Inventory and absorption rates can vary between different areas around Dothan. If you would like to see these numbers for a particular area, drop us an email or leave a comment belo...
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By Charles Woodall
(CENTURY 21 Key Realty)
Let's talk seriously for a minute. You may have seen the most recent National Association of REALTORS public awareness commercials (If not, click on the video at the bottom of this post for one example). For better or worse, the NAR is looked upon by many in America as a reputable source of information on the housing market. I personally don’t think this ad warrants that trust. For my tastes, it doesn't paint an accurate picture, and therefore doesn't meet the standard of what should be considered reliable information. I decided to take this commercial line-by-line and examine it for accuracy. My opinion, as stated below, is based on my knowledge of the Dothan and southeast Alabama real estate market. Your results may vary. "When you have a family, it's always a good time to buy" The fi...
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By Charles Woodall
(CENTURY 21 Key Realty)
By Michelle Beasley Let's set the record straight on whether or not this is a good time to buy real estate. The National Assocation of REALTORS has been taking some flack in the press recently for its "Now is a great time to buy" campaign. Maybe it is, maybe it isn't. The truth is, it might be a good time to buy a home, depending on your circumstances. Here are the primary factors you should consider when making your decision. Our recommendations are based on the current Dothan area real estate market. Please talk with a real estate professional in your locale to help you determine the appropriate course of action for you. If you plan on staying in your new home for five or more years, chances are good that you will weather the current real estate storm and see price appreciation again ...
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