Sales: According to the Lake Martin Area Association of Realtors, June residential sales (waterfront and non-waterfront) decreased 4.49% year-over-year (Y/Y) from 89 to 85 closed transactions, breaking eleven consecutive months of Y/Y growth. Sales increased 1.2% from May. Sales are now up 26.4% 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: June listings (230) decreased 5.0% from May and declined 41.8% from one year ago. Months of supply (inventory to sales ratio) also decreased from 4.4 to 2.7, reflecting a market where seller’s generally have elevated bargaining power.
Pricing: The area’s median sales price in June was $399,000, an increase of 19.1% from one year ago and an increase of 22.8% from May. 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 June averaged 114 days on the market (DOM), 72 days faster than June 2020.
Forecast: June sales were 13 units, or 13.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 98 sales for the month, while actual sales were 85 units. ACRE forecast a total of 471 residential sales year-to-date, while there were 446 actual sales through June, a difference of 5.3%.
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 June 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.