Sales: According to the Lake Martin Area Association of Realtors, January residential sales (waterfront and non-waterfront) increased 34.2% year-over-year (Y/Y) from 38 to 51 closed transactions, breaking seven consecutive months of Y/Y decline. Sales increased 8.5% from December. Sales are now up 34.2% 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: January listings (184) decreased 0% from December and declined 29.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, down from 3.9 months in December and from 6.8 months in January 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 January was $265,000, an increase of 42.5% from one year ago and a decrease of 31.7% from December. 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 January averaged 133 days on the market (DOM), 17 days faster than January 2020.
Forecast: January sales were 1 unit, or 1.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 52 sales for the month, while actual sales were 51 units. ACRE forecast a total of 52 residential sales year-to-date, while there were 51 actual sales through January, a difference of 1.9%.
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 January 1 – 31, 2022. Thus, the performance represented is historical and should not be used as an indicator of future results.