Sales: According to the Lake Martin Area Association of Realtors, December residential sales (waterfront and non-waterfront) decreased 30.9% year-over-year (Y/Y) from 68 to 47 closed transactions, marking seven consecutive months of Y/Y decline. Sales decreased 20.3% from November. Sales are now down 3.7% 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: December listings (184) decreased 6.1% from November and declined 24.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.3 months in November and from 3.6 months in December 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 December was $388,000, an increase of 31.2% from one year ago and an increase of 17.6% from November. 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 December averaged 106 days on the market (DOM), 14 days faster than December 2020.
Forecast: December sales were 32 units, or 40.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 79 sales for the month, while actual sales were 47 units. ACRE forecast a total of 978 residential sales year-to-date, while there were 857 actual sales through December, a difference of 12.4%.
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 December 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.