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%.
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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.