Sales: According to the Lake Martin Area Association of Realtors, June waterfront sales decreased 29.1% year-over-year from 55 to 39 closed transactions. Not following seasonal trends, sales decreased 9.3% from May. Sales are now up 5.4% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: Total homes listed for sale declined 47.8% year-over-year from 184 to 96 listings. Months of supply declined from 3.3 to 2.5, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in June was $776,422, an increase of 53.46% from one year ago and an increase of 16.9% 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.
Lake homes sold in June averaged 112 days on the market (DOM), 80 days faster than June 2020.
Forecast: June sales were 19 units, or 31%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 57 sales for the month, while actual sales were 39 units. ACRE forecast a total of 232 residential sales year-to-date, while there were 195 actual sales through June, a difference of 15.9%.
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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 June 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.