Sales: According to the Lake Martin Area Association of Realtors, August residential sales (waterfront and non-waterfront) increased 28.4% year-over-year (Y/Y) from 74 to 95 closed transactions. Sales decreased 18.1% from July, and are up 5.8% year-to-date. 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 August declined 36.5% year-over-year from 540 to 343 listings. Months of supply decreased from 7.3 to 3.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in August was $442,500, an increase of 55.2% from one year ago and an increase of 21.4% from July. 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 August averaged 147 days on the market (DOM), 16 days slower than August 2019.
Forecast: August sales were 11 units, or 13.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 84 sales for the month, while actual sales were 95 units. ACRE forecast a total of 525 sales in the area year-to-date, while there were 564 actual sales through August, a difference of 7.4%.
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 August 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.