Sales: According to the Lake Martin Area Association of Realtors, April residential sales (waterfront and non-waterfront) increased 69.23% year-over-year (Y/Y) from 52 to 88 closed transactions, marking ten consecutive months of Y/Y gains. Following seasonal trends, sales increased 4.76% from March. Sales are now up 42.05% 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 April declined 40.8% year-over-year from 429 to 254 listings. Months of supply decreased from 8.3 to 2.9, a record low and reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in April was $285,000, a decrease of 14.4% from one year ago and a decrease of 7.3% from March. 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 April averaged 100 days on the market (DOM), 36 days slower than April 2020.
Forecast: April sales were 8 units, or 10.49%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 80 sales for the month, while actual sales were 88 units. ACRE forecast a total of 282 residential sales year-to-date, while there were 277 actual sales through April, a difference of 1.8%.
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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
