Sales: According to the Lake Martin Area Association of Realtors, August waterfront sales increased 47.4% year-over-year from 38 to 56 closed transactions. Additionally, sales decreased 23.3% following a record July, and are now up 24.6% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 50% year-over-year from 270 to 135 listings. Months of supply declined from 7.1 to 2.4, reflecting a market where sellers generally have slightly elevated bargaining power.
Pricing: The median sales price in August was $600,000, an increase of 5.7% from one year ago and equal to 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.
Lake homes sold in August averaged 135 days on the market (DOM), 20 days faster than August 2019.
Forecast: August sales were 21 units, or 60%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 35 sales for the month, while actual sales were 56 units. ACRE forecast a total of 205 residential sales in the area year-to-date, while there were 314 actual sales through August, a difference of 53.2%.
Click here to view the entire monthly report.
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 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.