Lake Martin area home sales decline in October

Sales: According to the Lake Martin Area Association of Realtors, October residential sales (waterfront and non-waterfront) decreased 20.5% year-over-year (Y/Y) from 88 to 70 closed transactions, marking five consecutive months of Y/Y decline. Sales decreased 2.8% from September. Sales are now up 0.0% 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: October listings (219) decreased 6.8% from September and declined 26.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.3 months in September and up from 3.4 months in October 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 October was $453,250, an increase of 20.1% from one year ago and an increase of 7.3% from September. 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 October averaged 89 days on the market (DOM), 25 days faster than October 2020.

Forecast: October sales were 11 units, or 13.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 81 sales for the month, while actual sales were 70 units. ACRE forecast a total of 831 residential sales year-to-date, while there were 751 actual sales through October, a difference of 9.6%.

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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.