Lake Martin area home sales decline as inventory tightens

Sales: According to the Lake Martin Area Association of Realtors, November residential sales (waterfront and non-waterfront) decreased 16.9% year-over-year (Y/Y) from 71 to 59 closed transactions, marking six consecutive months of Y/Y decline. Sales decreased 15.7% from October. Sales are now down 1.5% 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: November listings (196) decreased 10.5% from October and declined 24.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 3.1 months in October and down from 3.6 months in November 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 November was $329,900, an increase of 27.9% from one year ago and a decrease of 27.2% from October. 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 November averaged 103 days on the market (DOM), 3 days slower than November 2020.

Forecast: November sales were 9 units, or 13.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 68 sales for the month, while actual sales were 59 units. ACRE forecast a total of 899 residential sales year-to-date, while there were 810 actual sales through November, a difference of 9.9%.

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 November 1 – 30, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.

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