Sales: According to the Lake Martin Area Association of Realtors, March waterfront sales increased 15.2% year-over-year from 33 to 38 closed transactions. Following seasonal trends, sales increased 31% from February. Sales are now up 29% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 58.9% year-over-year from 236 to 97 listings. Months of supply declined from 7.2 to 2.6, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in March was $702,000, an increase of 21% from one year ago and a decrease of 11.1% 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.
Lake homes sold in March averaged 108 days on the market (DOM), 53 days slower than March 2020.
Forecast: March sales were 1 unit, or 1.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 39 sales for the month, while actual sales were 38 units. ACRE forecast a total of 94 residential sales year-to-date, while there were 80 actual sales through March, a difference of 14.6%.
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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 March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.