Lake Martin area home sales increase in September

Sales: According to the Lake Martin Area Association of Realtors, September residential sales (waterfront and non-waterfront) increased 30.3% year-over-year (Y/Y) from 76 to 99 closed transactions. Sales increased 4.2% from August, and are up 8.9% 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 September declined 36.4% year-over-year from 498 to 317 listings. Months of supply decreased from 6.6 to 3.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in September was $400,000, an increase of 32.2% from one year ago and a decrease of 9.6% from August. 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 September averaged 149 days on the market (DOM), 16 days slower than September 2019.

Forecast: September sales were 25 units, or 33.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 74 sales for the month, while actual sales were 99 units. ACRE forecast a total of 599 sales in the area year-to-date, while there were 663 actual sales through September, a difference of 10.7%.

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 September 1 – 30, 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.

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