Dothan Real Estate Market Predictions for 2009
January 6th, 2009 - Categories: Dothan area Real Estate Market information, Real Estate News
By: Charles Woodall
http://www.dothanhomesearch.com
2008 was a challenging year for the real estate industry, and those of us practicing the profession here in the Dothan area would certainly agree. Home sales were down over 10%, the number of homes for sale is up to record levels, and the credit crunch plus the elimination of down payment assistance has made it somewhat harder to borrow money to buy a house.
Looking back at my predictions for 2008, I was pretty close on most. I do think there is a little more uncertainty going into 2009, simply because there are so many sectors of the national economy that are hurting right now. The housing market usually leads economy recovery, and there are several reasons why I think that recovery will start to gain traction sometime in 2009.
Do these predictions have any higher meaning? No, not really. Again, they are nothing more than my opinion based on a decade of experience in the market and a lifetime of living in the Dothan area. I simply like to look forward and think about what might happen. Nothing more, nothing less.
Home sales down in 2009
When the final numbers are in for 2008, expect to see a drop of 10-12% from 2007. I fully expect to see another drop in 2009, although maybe not as much. All signs point to continued sluggish sales in the near term, and much uncertainty in the long term. We’ll go with an 8%-10% drop, and hope that I am wrong.
Homes on the market steady
I missed this one somewhat last year, as I didn’t see us hitting the 1,000 mark in homes for sale in Dothan. The total inventory has hovered around this level since October, and there is really nothing that makes me think it is going to change anytime soon. I think there will at least 950 or more homes on the market come next December. Any number below that will likely mean the market has turned around quicker than anticipated.
Mortgage rates steady
Our government is currently doing everything it can to hold down all interest rates, including mortgage rates. Finding a 30-year mortgage at 5% is pretty easy right now, and I think it will be easy for the foreseeable future. Barring a miraculous turnaround in the economy, look for rates to stay in the 5-6% range all year.
Foreclosures up
There is a lot of talk around that there is another wave of foreclosures about to hit. Foreclosures are up in our area and will likely continue to rise. The severity of the hit the Dothan real estate market takes related to foreclosures will again depend on what happens with the economy. Foreclosures happen when folks can’t make their house payment, so bad economy times will only exacerbate the problem.
New Construction steady
The new construction market in Dothan didn’t fall off as bad as I thought in 2008. New home starts were up slightly, although sales were about the same. There is still a lot on the market, but builders are building. That being said, I think there is a greater chance of a decrease in new construction in Dothan than an increase.
Median Price down
Looks like we’ll end 2008 about where we were at the end of 2007, with a median price in the low $130K range. I expect we will see a slight lowering of the median home price in 2009, if for no other reason than because the real estate market is so soft. A median price in the upper $120K range in 2009 would not surprise me, which would be a fall of roughly 3-4%. It is important to keep in mind that the median price of a home in Dothan was about $100,000 back around 2000.
So, now that you’ve read mine, what do you see happening in the Dothan real estate market in 2009? Chime in by commenting below. What challenges do you see as a buyer or seller? Are you planning on buying or selling in 2009?
Discuss.
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123 Whitehead Rd, Abbeville, AL, 36310, Highpoint
January 6th, 2009 - Categories: CENTURY 21 Homes for Sale in Dothan
By: Charles Woodall
http://www.dothanhomesearch.com
| 131403, Highpoint, 36310, Abbeville, AL, Other |
| Listing Price: | $242,500 |
| Listing Broker: | Century 21 Key Realty |
| Contact: | CENTURY 21 Key Realty, (334) 793-6990 |
| Keywords: | Active Listing, AL, Abbeville, 36310, Single Family, Highpoint, 3 Bedroom, $200Ks, Covered Parking, Century 21 Key Realty |
| Similar Listings: | Search For Similar Listings |
| Show Map: | Map Listing 131403 |
Listing Overview |
|
|---|---|
| List Price: | 242500 |
| MLS Number: | 131403 |
| Public Remarks: | Beautiful setting on 3 Acres with salt water gunite pool. Pool has fountain in center and enclosed with wrought Iron fence. Sprinkler system front & back. Security system, beautiful kitchen with all appliances remaining. Split bedrooms with split H/C systems. Nice covered patio, fig, pear, peach & pecan trees. Lots of windows & high ceilings. Well water but City water available. |
| Bedrooms: | 3 |
| Full Baths: | 2 |
| Half Baths: | 1 |
Listing Details |
|
|---|---|
| Property Type: | R |
| Style: | Contemporary |
| Apx Total SqFt Range: | 2000 |
| Apx Acreage: | 3 |
| Lot Size: | See`Remarks |
Location |
|
|---|---|
| State: | AL |
| County: | Henry |
| City: | Abbeville |
| Zip Code: | 36310 |
| Subdivision: | Highpoint |
School Information |
|
|---|---|
| High School: | Other |
| Middle School: | Other |
| Elementary School: | Other |
Construction |
|
|---|---|
| New Construction: | False |
| Apx Year Built: | 1997 |
| Patio: | Patio-Covered |
| Pool: | In Ground, Gunite, Other-See Remarks |
| Fireplace: | 1, Gas, In Family Room |
| Exterior: | Stone, Vinyl |
| Floors: | Tile, Wood, Laminate |
| Garage/Carport: | 2 Car, Attached Garage |
| Other Rooms: | Attic, Breakfast Room, Laundry-Inside, Storage Room |
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1219 Southland Drive, Dothan, AL, 36301, Sunny Acres, Sunny Acres
January 6th, 2009 - Categories: CENTURY 21 Homes for Sale in Dothan
By: Charles Woodall
http://www.dothanhomesearch.com
| 129687, Sunny Acres, 36301, Dothan, AL, Dothan |
| Listing Price: | $95,900 |
| Listing Broker: | Century 21 Key Realty |
| Contact: | CENTURY 21 Key Realty, (334) 793-6990 |
| Keywords: | Active Listing, AL, Dothan, 36301, Single Family, Sunny Acres, Dothan, 3 Bedroom, <$100K, Century 21 Key Realty |
| Similar Listings: | Search For Similar Listings |
| Show Map: | Map Listing 129687 |
Listing Overview |
|
|---|---|
| List Price: | 95900 |
| MLS Number: | 129687 |
| Public Remarks: | Move-in-Ready home with updates since 2001 including: new plumbing, electrical, water htr, roof, A/C unit, vinyl siding w/ faux stone, KIT counters/cabinets, sink, flooring, DW, & fixtures. Hall BA with new sink & toilet. New Addition to home made into Master BR with large 5×12 ft. closet and Master BA has ceramic tile, pedestal sink, and shower. Ceiling fans thruout. Lg Laundry Rm. Privacy fenced backyd with Above Ground Pool and 10×14 wood Storage Bldg. Extra Large driveway w/ RV parking. |
| Bedrooms: | 3 |
| Full Baths: | 2 |
| Half Baths: | 0 |
Listing Details |
|
|---|---|
| Property Type: | R |
| Style: | Ranch Rambler |
| Apx Total SqFt Range: | 1760 |
| Apx Acreage: | 0 |
| Lot Size: | 90×120 +/- |
Location |
|
|---|---|
| State: | AL |
| County: | Houston |
| City: | Dothan |
| Zip Code: | 36301 |
| Subdivision: | Sunny Acres |
School Information |
|
|---|---|
| High School: | Dothan |
| Middle School: | Honeysuckl |
| Elementary School: | Selma |
Construction |
|
|---|---|
| New Construction: | False |
| Apx Year Built: | 1960 |
| Patio: | Patio-Covered, Porch-Covered |
| Pool: | Above Ground |
| Fireplace: | None |
| Exterior: | Vinyl, Other-See Remarks |
| Floors: | Carpet, Tile, Vinyl, Laminate |
| Garage/Carport: | None |
| Other Rooms: | Attic, Laundry-Inside, Separate Dining Room, Storage Room |
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Monday Market Snapshot - January 5, 2009
January 5th, 2009 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
http://www.dothanhomesearch.com
| Homes on market | 979 | DOWN |
| Median List price | $165,900 | DOWN |
| Avg $ per sq ft | $94.94 | DOWN |
| Avg days on market | 167 | UP |
| Least expensive listing | $10,000 | DOWN |
| Most expensive listing | $1,950,000 | DOWN |
| Pending sales | 95 | DOWN |
| Sales last 7 days | 7 | DOWN |
The number of homes for sale in Dothan took another drop this week. Most likely there were many listing agreements that expired at the end of the year. I fully expect this number to move back up over the coming weeks.
Pending sales also took a dive. A drop-off is expected this time of year, so it remains to be seen if this is anything more than a seasonal adjustment.
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Follow us on Twitter!
December 30th, 2008 - Categories: Just for Fun, Real Estate News
By: Charles Woodall
http://www.dothanhomesearch.com
You’ve probably noticed the new widget in the sidebar over to your right. That is the Twitter widget, which shows you all of our updates on Twitter. Currently, we are posting our new listings, new video tours, and new listings under $100,000, as well as some other real time updates that relate to the Dothan real estate market. We’ll be adding more automatic updates soon.
If you are on Twitter, give us a follow by clicking on the “Follow” button in the top right corner of the widget. If you aren’t on Twitter, here is a short video explaining the concept. Be careful though, its addictive!
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Monday Market Snapshot - December 29, 2008
December 29th, 2008 - Categories: Dothan area Real Estate Market information, Inside the numbers
By: Charles Woodall
http://www.dothanhomesearch.com
| Homes on market | 997 | DOWN |
| Median List price | $166,800 | DOWN |
| Avg $ per sq ft | $95.40 | UP |
| Avg days on market | 166 | UP |
| Least expensive listing | $10,000 | DOWN |
| Most expensive listing | $2,500,000 | UNCHANGED |
| Pending sales | 102 | DOWN |
| Sales last 7 days | 5 | DOWN |
Highlights
- The number of homes on the market is down again this week, although ever so slightly
- Pending sales are down to the lowest level since last winter. Not entirely unexpected however.
- Median list price and price per square foot are still holding steady
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507 Rosemont, Dothan, AL, 36303, Englewood Heights, Englewood Heights
December 26th, 2008 - Categories: CENTURY 21 Homes for Sale in Dothan
By: Charles Woodall
http://www.dothanhomesearch.com
| 131364, Englewood Heights, 36303, Dothan, AL, Northview |
| Listing Price: | 299,900 |
| Listing Broker: | Century 21 Key Realty |
| Contact: | CENTURY 21 Key Realty, (334) 793-6990 |
| Keywords: | Active Listing, AL, Dothan, 36303, Single Family, Englewood Heights, Northview, 4 Bedroom, 0Ks, Covered Parking, Century 21 Key Realty |
| Similar Listings: | Search For Similar Listings |
| Show Map: | Map Listing 131364 |
Listing Overview |
|
|---|---|
| List Price: | 299900 |
| MLS Number: | 131364 |
| Public Remarks: | Beautiful brick home in Garden District. Formal living and dining room,huge den, spacious updated kitchen with Honey Maple cabinets, granite counter tops, island, wet bar, Kenmore Elite appliances (gas range), Travertine flooring, new double pane casement windows, teak flooring and slate on porch. This home was totally renovated 4 years ago. In addition to the 2,445 sq. ft. in the home, the laundry room has 120 sq. ft. and is heated and cooled with bath and storage. Roof is metal. MUST SEE!! |
| Bedrooms: | 4 |
| Full Baths: | 3 |
| Half Baths: | 0 |
Listing Details |
|
|---|---|
| Property Type: | R |
| Style: | Contemporary |
| Apx Total SqFt Range: | 2445 |
| Apx Acreage: | 0.4 |
| Lot Size: | 100×200 |
Location |
|
|---|---|
| State: | AL |
| County: | Houston |
| City: | Dothan |
| Zip Code: | 36303 |
| Subdivision: | Englewood Heights |
School Information |
|
|---|---|
| High School: | Northview |
| Middle School: | Girard |
| Elementary School: | Girard |
Construction |
|
|---|---|
| New Construction: | False |
| Apx Year Built: | 1965 |
| Patio: | Patio-Covered, Slab |
| Pool: | None |
| Fireplace: | None |
| Exterior: | Brick |
| Floors: | Tile, Wood |
| Garage/Carport: | 2 Car, Attached Carport |
| Other Rooms: | Attic, Computer Room, Den, Living/Dining Combo, Storage Room, Other-See Remarks |
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623 Tim Helms Road, Slocomb, AL, 36375, None, None
December 26th, 2008 - Categories: CENTURY 21 Homes for Sale in Dothan
By: Charles Woodall
http://www.dothanhomesearch.com
| 131299, None, 36375, Slocomb, AL, Slocomb |
| Listing Price: | 9,750 |
| Listing Broker: | Century 21 Key Realty |
| Contact: | CENTURY 21 Key Realty, (334) 793-6990 |
| Show Map: | Map Listing 131299 |
Listing Overview |
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Listing Details |
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Location |
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School Information |
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Construction |
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Merry Christmas from all of us at CENTURY 21 Key Realty
December 24th, 2008 - Categories: Just for Fun
By: Charles Woodall
http://www.dothanhomesearch.com
All of us at CENTURY 21 Key Realty would like to wish all of you a Merry Christmas and a prosperous New Year!
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Dothan real estate market - December Sales report
December 23rd, 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
I have to admit, I had to check this months number a couple of times, because I didnt believe what I saw. The number of homes sold in Dothan in November was down over 50% from November, 2007. Last November, there were 106 homes sold. This year, we had a paltry 51, which incidentally is the lowest monthly sales number since October, 2005. I guess I didnt see it coming because we seemed to be fairly business around here.
Im inclined to think that this significant drop is just a correction after a third quarter where home sales were actually up in Dothan. Hopefully we will have a better picture in a few weeks.
The number of pending home sales remain fairly steady however. There are currently 111 sales pending in the Dothan MLS.
Single-family home sales are down about 10.4% for the year through November.
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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