ALABAMA REAL ESTATE JOURNAL

Lake Martin’s waterfront sales decrease in November as inventory tightens

Sales: According to the Lake Martin Area Association of Realtors, November waterfront sales decreased 25.7% year-over-year from 35 to 26 closed transactions. The number of sales decreased 23.5% from the 34 homes sold in October. Sales are down 20.6% year-to-date. 

For all of the Lake Martin Waterfront housing data, click here.

Inventory: November listings (63) decreased 25.9% from October and declined 25.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, down from 2.5 months in October and the same as 2.4 months in November 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply

Pricing: The median sales price in November was $743,619, an increase of 3.2% from one year ago and a decrease of 30.8% 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.

Lake homes sold in November averaged 142 days on the market (DOM), 53 days slower than November 2020. 

Forecast: November sales were 4 units, or 12.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 30 sales for the month, while actual sales were 26 units. ACRE forecast a total of 436 residential sales year-to-date, while there were 358 actual sales through November, a difference of 17.8%. 

Click here to view the entire monthly report.

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 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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