Sales: According to the Lake Martin Area Association of Realtors, February waterfront sales increased 93.3% year-over-year from 15 to 29 closed transactions. Following seasonal trends, sales increased 123% from January. Sales are now up 44% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 63.1% year-over-year from 217 to 80 listings. Months of supply declined from 14.5 to 2.8, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in February was $790,000, an increase of 49.3% from one year ago and an increase of 62.9% 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.
Lake homes sold in February averaged 102 days on the market (DOM), 4 days slower than February 2020.
Forecast: February sales were 3 units, or 12.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 26 sales for the month, while actual sales were 29 units. ACRE forecast a total of 55 residential sales year-to-date, while there were 42 actual sales through February, a difference of 23.5%.
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 February 1 – 28, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
