Sales: According to the Lake Martin Area Association of Realtors, August waterfront sales decreased 44.6% year-over-year from 56 to 31 closed transactions. Waterfront sales decreased 20.5% from July. Sales are down 15.6% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: August listings (114) increased 8.6% from July and declined 15.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 2.7 months in July and from 2.4 months in August 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in August was $742,000, an increase of 23.7% from one year ago and an increase of 1.7% 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.
Lake homes sold in August averaged 80 days on the market (DOM), 55 days faster than August 2020.
Forecast: August sales were 15 units, or 32.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 46 sales for the month, while actual sales were 31 units. ACRE forecast a total of 322 residential sales year-to-date, while there were 265 actual sales through August, a difference of 17.7%.
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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 August 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.