Sales: According to the Lake Martin Area Association of Realtors, July waterfront sales increased 32.7% year-over-year from 55 to 73 closed transactions. The 73 closed sales is the highest in ACRE’s database, significantly higher than the previous high of 55 in June 2020 and July 2019. Additionally, sales increased 32.7% from June and are now up 20.7% year-to-date.
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Inventory: Total homes listed for sale declined 43% year-over-year from 291 to 166 listings. Months of supply declined from 5.3 to 2.3, reflecting a market where sellers generally have slightly elevated bargaining power.
Pricing: The median sales price in July was $600,000, an increase of 32% from one year ago and an increase of 18.6% 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.
Lake homes sold in July averaged 177 days on the market (DOM), 25 days slower than July 2019.
Forecast: July sales were 43 units, or 143.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 30 sales for the month, while actual sales were 73 units. ACRE forecast a total of 170 residential sales in the area year-to-date, while there were 258 actual sales through July, a difference of 51.8%.
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 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.