Sales: According to the Lake Martin Area Association of Realtors, February residential sales (waterfront and non-waterfront) increased 52.3% year-over-year (Y/Y) from 44 to 67 closed transactions, marking nine consecutive months of Y/Y gains. Following seasonal trends, sales increased 76.3% from January. Sales are now up 29.6% 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 February declined 42.8% year-over-year from 437 to 250 listings. Months of supply decreased from 9.9 to 3.7, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in February was $358,000 an increase of 57.7% from one year ago and an increase of 92.5% from January. 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 February averaged 124 days on the market (DOM), 28 days slower than February 2020.
Forecast: February sales were 4 units, or 7.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 67 sales for the month, while actual sales were 63 units. ACRE forecast a total of 120 residential sales year-to-date, while there were 105 actual sales through February, a difference of 12.5%.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
