Sales: According to the Lake Martin Area Association of Realtors, July residential (waterfront and non-waterfront) sales increased 26.1% from 92 to 116 closed transactions. Largely a result of pent-up demand, sales increased 30.3% from June. 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 July declined 34.7% year-over-year from 568 to 371 listings. Months of supply decreased from 6.2 to 3.2, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in July was $364,500, an increase of 34.5% from one year ago and an increase of 8.8% from June. 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 July averaged 166 days on the market (DOM), 26 days slower than July 2019.
Forecast: July sales were 43 units, or 58.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 73 sales for the month, while actual sales were 116 units. ACRE forecast a total of 441 sales in the area year-to-date, while there were 469 actual sales through July, a difference of 6.4%.
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.
Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1 – 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.