Sales: According to the Lake Martin Area Association of Realtors, December waterfront sales decreased 38.7% year-over-year from 31 to 19 closed transactions, marking seven consecutive months of Y/Y losses. The number of sales decreased 26.9% from the 26 homes sold in November. Sales are down 21.8% year-to-date.
For all of the Lake Martin Waterfront housing data, click here.
Inventory: December listings (51) decreased 19.1% from November and declined 33.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.4 months in November and from 2.5 months in December 2020. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply
Pricing: The median sales price in December was $909,362, an increase of 51.6% from one year ago and an increase of 43.3% 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.
Lake homes sold in December averaged 93 days on the market (DOM), 5 days slower than December 2020.
Forecast: December sales were 14 units, or 42.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 33 sales for the month, while actual sales were 19 units. ACRE forecast a total of 469 residential sales year-to-date, while there were 377 actual sales through December, a difference of 19.6%.
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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 December 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.
