Sales: According to the Lake Martin Area Association of Realtors, August residential sales (waterfront and non-waterfront) decreased 24.2% year-over-year (Y/Y) from 95 to 72 closed transactions, marking three consecutive months of Y/Y decline. Sales decreased 20.9% from July. Sales are now up 8.0% 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: August listings (254) increased 3.3% from July and declined 26.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 2.7 months in June and down from 3.6 months in July 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in August was $354,500, a decrease of 19.9% from one year ago and an increase of 19.4% from July. 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 August averaged 89 days on the market (DOM), 58 days faster than August 2020.
Forecast: August sales were 28 units, or 27.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 100 sales for the month, while actual sales were 72 units. ACRE forecast a total of 660 residential sales year-to-date, while there were 609 actual sales through August, a difference of 8.0%.
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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.