June home sales in the Lake Martin area increase from one year ago

Sales: According to the Lake Martin Area Association of Realtors, June residential (waterfront and non-waterfront) sales increased 41.3% from 63 to 89 closed transactions. Going against seasonal trends, sales increased 29% from May. 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 June declined 31.8% year-over-year from 579 to 395 listings. Months of supply decreased from 9.2 to 4.4, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in June was $358,000, an increase of 2.1% from one year ago and a decrease of 1% from May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in June averaged 186 days on the market (DOM), 65 days slower than June 2019.

Forecast: June sales were 11 units, or 14.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 78 sales for the month, while actual sales were 89 units. ACRE forecast a total of 368 sales in the area year-to-date, while there were 353 actual sales through June, a difference of 4.1%.

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.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period June 1 – 30, 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.

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