Sales: According to the Lake Martin Area Association of Realtors, April waterfront sales increased 10% year-over-year from 30 to 33 closed transactions. Following seasonal trends, sales decreased 13.16% from March. Sales are now up 22.8% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 58.2% year-over-year from 218 to 91 listings. Months of supply declined from 7.3 to 2.8, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in April was $735,650, an increase of 35% from one year ago and an increase of 4.8% 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.
Lake homes sold in April averaged 89 days on the market (DOM), 40 days slower than April 2020.
Forecast: April sales were 4 units, or 11.07%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 37 sales for the month, while actual sales were 33 units. ACRE forecast a total of 131 residential sales year-to-date, while there were 113 actual sales through April, a difference of 13.6%.
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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 April 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.