Sales: According to the Lake Martin Area Association of Realtors, May waterfront sales increased 13.2% year-over-year from 38 to 43 closed transactions. Following seasonal trends, sales increased 30.3% from April. Sales are now up 20% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 54.3% year-over-year from 212 to 97 listings. Months of supply declined from 5.6 to 2.3, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in May was $664,050, an increase of 17.6% from one year ago and a decrease of 9.7% 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.
Lake homes sold in May averaged 87 days on the market (DOM), 27 days faster than May 2020.
Forecast: May sales were 2 units, or 3.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 45 sales for the month, while actual sales were 43 units. ACRE forecast a total of 175 residential sales year-to-date, while there were 156 actual sales through May, a difference of 11.03%.
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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 May 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.