Sales: According to the Lake Martin Area Association of Realtors, June waterfront sales increased 48.7% year-over-year from 37 to 55 closed transactions. Following seasonal trends, sales increased 44.7% May. Year-to-date, waterfront home sales are up 16.4% from 2019.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 39.9% year-over-year from 306 to 184 listings. Months of supply declined from 8.3 to 3.3, reflecting a market where sellers generally have slightly elevated bargaining power.
Pricing: The median sales price in June was $505,937, a decrease of 15.4% from one year ago and a decrease of 10.4% 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.
Lake homes sold in June averaged 192 days on the market (DOM), 61 days slower than June 2019.
Forecast: June sales were 20 units, or 57.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 35 sales for the month, while actual sales were 55 units. ACRE forecast a total of 140 residential sales in the area year-to-date, while there were 185 actual sales through June, a difference of 32.1%.
The Lake Martin Area Waterfront only 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.
