Lake Martin area home sales up 3% year-over-year in January

Sales: According to the Lake Martin Area Association of Realtors, January residential sales (waterfront and non-waterfront) increased 2.7% year-over-year (Y/Y) from 37 to 38 closed transactions, marking eight consecutive months of Y/Y gains. Following seasonal trends, sales decreased 44.1% from December. 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 January declined 35.6% year-over-year from 404 to 260 listings. Months of supply decreased from 10.9 to 6.8, reflecting a market where buyers generally have elevated bargaining power.

Pricing: The area’s median sales price in January was $186,000 a decrease of 7% from one year ago and a decrease of 37.1% from December. 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 January averaged 116 days on the market (DOM), 48 days faster than January 2020.

Forecast: January sales were 19 units, or 33.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 57 sales for the month, while actual sales were 38 units.

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 January 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.

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