Sales: According to the Lake Martin Area Association of Realtors, March residential sales (waterfront and non-waterfront) increased 35.5% year-over-year (Y/Y) from 62 to 84 closed transactions, marking nine consecutive months of Y/Y gains. Following seasonal trends, sales increased 25.4% from February. Sales are now up 32.2% 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 March declined 44.1% year-over-year from 447 to 250 listings. Months of supply decreased from 7.2 to 3.0, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in March was $307,500, a decrease of 5% from one year ago and a decrease of 14.1% from February. 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 March averaged 108 days on the market (DOM), 42 days faster than March 2020.
Forecast: March sales were 2 units, or 1.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 82 sales for the month, while actual sales were 84 units. ACRE forecast a total of 202 residential sales year-to-date, while there were 189 actual sales through March, a difference of 6.6%.
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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.