Sales: According to the Lake Martin Area Association of Realtors, October waterfront sales decreased 26.1% year-over-year from 46 to 34 closed transactions. The number of sales increased 3.0% from the 33 homes sold in September. Sales are down 20.2% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: October listings (85) decreased 7.6% from September and declined 26.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.5 months, down from 2.8 months in September and the same as 2.5 months in October 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in October was $917,027, an increase of 46.6% from one year ago and an increase of 17.0% 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.
Lake homes sold in October averaged 96 days on the market (DOM), 7 days slower than October 2020.
Forecast: October sales were 1 unit, or 3.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 35 sales for the month, while actual sales were 34 units. ACRE forecast a total of 406 residential sales year-to-date, while there were 332 actual sales through October, a difference of 18.2%.
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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 October 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.