Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.
ACRE is posting coronavirus updates and commentary on the WIN, on our media platform exploRE and on our LinkedIn page.
Sales: According to the Lake Martin Area Association of Realtors, March residential sales decreased 4.6% year-over-year from 65 to 62 closed transactions. Following seasonal trends, sales increased 40.9% from February. Sales are now up 3.6% year-to-date but are likely to moderate due to the COVID-19 pandemic. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lake Martin Area’s housing data, click here.
Inventory: Total homes listed for sale in March declined 19% year-over-year from 552 to 447 listings. Months of supply declined from 8.5 to 7.2, reflecting a buyer’s market in the area.
Pricing: The median sales price in March was $323,500, an increase of 19.8% from one year ago and an increase of 42.5% from the prior month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns. Homes sold in March averaged 150 days on the market (DOM), 2 days faster than March 2019.
Forecast: March sales were seven units, or 10.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 69 sales for the month, while actual sales were 62 units. ACRE forecast a total of 148 residential sales in the area year-to-date, while there were 143 actual sales through March, a difference of 3.4%.
Click here to view the entire monthly report.
The Lake Martin Area Residential Monthly Report is developed in conjunction with the Lake Martin Area Association of Realtors to better serve area consumers.