Sales: According to the Lake Martin Area Association of Realtors, May residential sales (waterfront and non-waterfront) increased 21.7% year-over-year (Y/Y) from 69 to 84 closed transactions, marking eleven consecutive months of Y/Y gains. Following seasonal trends, sales decreased 4.6% from April. Sales are now up 36.7% 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 May declined 42.9% year-over-year from 424 to 242 listings. Months of supply decreased from 6.1 to 2.9, a continued record low and reflecting a market where sellers generally have elevated bargaining power.
Pricing: The area’s median sales price in May was $325,000, a decrease of 4.0% from one year ago and an increase of 14.0% from April. 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 May averaged 96 days on the market (DOM), 41 days faster than May 2020.
Forecast: May sales were 6 units, or 7.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 90 sales for the month, while actual sales were 84 units. ACRE forecast a total of 372 residential sales year-to-date, while there were 361 actual sales through May, a difference of 3.0%.
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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.