Sales: According to the Lake Martin Area Association of Realtors, November residential sales (waterfront and non-waterfront) increased 73.2% year-over-year (Y/Y) from 41 to 71 closed transactions. Sales decreased 19.3% from October, and are up 16.6% 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 November declined 42.2% year-over-year from 446 to 258 listings. Months of supply decreased from 10.9 to 3.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in November was $258,000 an increase of 3.8% from one year ago and a decrease of 31.7% from October. 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 November averaged 100 days on the market (DOM), 87 days faster than November 2019.
Forecast: November sales were 22 units, or 44.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 49 sales for the month, while actual sales were 71 units. ACRE forecast a total of 710 sales in the area year-to-date, while there were 822 actual sales through November, a difference of 15.8%.
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 November 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.