Sales: According to the Lake Martin Area Association of Realtors, September waterfront sales increased 36.6% year-over-year from 41 to 56 closed transactions. Additionally, sales were unchanged from August, and are now up 26.3% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 44.7% year-over-year from 244 to 135 listings. Months of supply declined from 6.0 to 2.4, reflecting a market where sellers generally have slightly elevated bargaining power.
Pricing: The median sales price in September was $621,250, an increase of 26.8% from one year ago and an increase of 3.5% to 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.
Lake homes sold in September averaged 114 days on the market (DOM), 63 days faster than September 2019.
Forecast: September sales were 25 units, or 80.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 31 sales for the month, while actual sales were 56 units. ACRE forecast a total of 236 residential sales in the area year-to-date, while there were 370 actual sales through September, a difference of 56.8%.
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 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.
